European
Consumer
Payment
Report 2015
2
E UROPEAN CONSUM E R PAYME NT RE PORT 2015
This is the European
Consumer Payment Report 2015
The European Consumer Payment Report is based on a survey that was conducted
simultaneously in 21 European countries in 21 August to 11 September 2015 among
more than 22,400 Europeans. The aim of this report is to gain insight in European consumers’ everyday life; their spending and ability to manage their household finances on
a monthly basis. The survey is complemented with insights on consumers acquired by
Intrum Justitia over our 90-year presence in the credit management industry.
At Intrum Justitia we talk to more than 50,000 Europeans every day, trying to resolve
their financial problems. On a monthly basis we talk to more than 0,5 million Europeans.
To understand the situation and needs of the European consumer is vital to us in order to
improve how we work to find optimal solutions for each individual.
We know that late payments have a negative impact on the economy of a society.
Companies that do not get paid for their goods and services risk the survival of their
business. One third of European businesses say they would be able to recruit more
if they got paid faster*. Taking the approximately 25 million companies of Europe into
account, this would correspond to around 8 million of lost job opportunities.
If companies start recruiting, more citizens will be able to work and make money. And
when people work they are able to consume. If they do, companies are able to expand,
invest in their business and recruit more people. The equation is simple. Our task is to
help this work in reality.
*Source: European Payment Report 2015
EU RO P EA N CO N S U M ER PAYM EN T R EP ORT 2015
3
Statement by the CEO
4
The report in summary
5
10 tips to keep your household cash flow healthy
10
Country reports
11
About Intrum Justitia
54
Information on the survey
56
Explanation of economic indicators
57
Legal disclaimer
58
Addresses
59
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E UROPEAN CONSUM E R PAYME NT RE PORT 2015
Are Europe’s
young heading
the right way?
In Europe today, being young and on the verge of adulthood
is not easy. Nearly one fourth of Europeans aged 18-24 (23
percent) are prepared to leave their home countries due to the
domestic financial situation – in search of a better life. More
than 20 percent of Europe’s young are unemployed and countries like Greece, Spain and Italy are seeing half or nearly half
of their young population standing on the sidelines. Nearly
one in six (15 percent) do not see a chance of improving their
financial situation in the future.
The above is revealed in the 2015 European Consumer
Payment Report in which Intrum Justitia conducts a survey
among more than 22,400 European citizens in 21 countries.
The young adults of Europe seem to have worse control of
their finances than the older age groups. Perhaps a result of
inexperience and a less mature view on the need for having
personal finances under control. However, in the surprising
light of young adults being on tighter budgets in general and
thereby with less challenges to keeping track of their expenses.
Among the respondents aged 18-24, 15 percent agree that
they sometimes have bills lying around the house unopened
compared to 9 percent of those aged 50 or older. Fully 18
percent say that they do not have their financial situation
under control (14 percent among the 50+ citizens) and only
62 percent know exactly what bills to expect each month,
while 78 percent of the older Europeans say the same.
”European leaders need to show
creativity and determination and
instil hope to Europe’s young.”
As on-line spending increases year by year and alternative
sources of financing new purchases become more common,
credit volumes in European societies will continue to increase. Europe’s younger citizens are much more inclined to
use on-line channels for consumption (40 percent vs 28 percent among those aged 50 or older) and they also seem more
willing to finance this via alternative sources such as SMS or
on-line credit. 14 percent of the young respondents have used
this type of source to finance invoices but only 8 percent of the
50+ respondents.
To be able to take on credits is part of a vital and prosperous
society, especially among the younger citizens as they need
room to establish themselves in the adult life. But to ensure
financial stability, credits should be granted and taken in a
controlled and sound way.
The evidence of the young generation facing such a difficult
financial situation is not uplifting. As the European countries
are faced with an ever aging population, they cannot afford
a generation being left out of the labor market. Accordingly,
action must be taken on several levels. European leaders need
to show creativity and determination and must instil hope in
Europe’s young. By using a number of solutions, such as
apprenticeships and youth wages etc, Europe’s young can be
offered a way towards a better financial situation and sustainable personal economy.
Furthermore, there is clearly a need for improved financial
education and debt advice to avoid our young citizens ending
up in situations of over indebtedness. This is of course valid for
all age groups, but particularly among the young given the picture painted above. Policy makers, companies and educational
institutions all have a responsibility to ensure that the societies
of tomorrow can cope with changed consumer behavior, very
much driven by the ongoing digitalization. Societies need a
well-functioning economy where trade can be pursued in a
trusted and sound way. Swift and concrete efforts to educate
the young consumer will be a vital ingredient in achieving this.
Erik Forsberg
Acting President & CEO
Intrum Justitia
EU RO P EA N CO N S U M ER PAYM EN T R EP ORT 2015
Still a challenge to
make ends meet
Despite the fact that we are now seeing Europe
at a turning point with more and more promising
signs of financial recovery, European citizens are
faced with severe challenges in their daily lives.
The European Consumer Payment Report 2015
shows that the economic situation could be better
for a lot of people in Europe.
Only 21 percent of the European citizens surveyed in this report say that they see that the economy in their own country
as improving. And about one in four (26 percent) say that
they – at the moment – do not have enough money for a dignified existence. Some 35 percent worry that their money
will not suffice once they have paid their bills. These are of
course worrying signs, but still a moderate improvement in
the right direction. In 2014, 27 percent said that they didn’t
have enough for a dignified existence and in 2013 the number
was the same.
At the moment I don’t have enough money
for a dignified existence.
%
30
27
27
26
2013
2014
2015
25
Percentage
that agrees
20
15
10
5
0
Europeans’ view on their economic outlook is somewhat
unstable with only 43 percent of those responding to the survey
believing that they have a reasonable chance of substantially
improving their economic situation in life. Thankfully this is
age related. Among the young (aged 18–24), 67 percent agree
with this statement, far fewer than among older respondents
(aged 50 or older) where 26 percent think they have the ability
to influence their future in an economic perspective. Still a
25%
35%
31%
Many Europeans consider moving abroad.
large share of the young respondents have limited hope for a
prosperous future.
Having said this, 15 percent of Europeans feel that they
need to consider moving to another country due to the financial situation in their own country. This is perhaps not so significant in the average European perspective, but more striking when looking at some specific countries: 35 percent of
Hungarians, 31 percent of Greeks and 25 percent of Poles are
considering this to be able to improve their financial situation.
High payment morale is sometimes not enough
The average European citizen knows what “good” economic
behavior is, 85 percent believe that it is important to always
pay bills on time. But not all manage to live by these rules
as 12 percent say that bills sometimes lay around the house
unopened for a while. And only 72 percent know exactly
what bills to expect each month, in Belgium that share
shrinks to 58 percent while in Slovakia 86 percent have full
control over incoming bills.
As many as 44 percent of all Europeans have failed to pay
at least one bill on time over the past 12 months. The situation is worst in Greece, where fully 78 percent of the adult
5
6
E UROPEAN CONSUM E R PAYME NT RE PORT 2015
population agrees with this statement. The UK is the country with the lowest share of people paying late, even though
31 percent have missed out on paying at least one invoice on
time, indicating that an improvement is possible even here.
The explanations for being late with payment vary. On a
pan-European level, 48 percent of respondents say that they
failed to pay due to negligence, i.e they forgot to pay. Perhaps this is not a strong indicator for the status of financial
health in European households. However, the same amount
(48 percent) say that they were unable to pay because they
lacked the means, i.e they did not have the money to pay,
which sends a much more worrying signal in various ways. In
Greece, 79 percent of respondents did not pay because they
didn’t have the money for it and, in France, 69 percent give
the same explanation, while in Sweden only 26 percent say
that they did not pay because they lacked the means.
When in trouble – Europeans turn to THEIR familIES
All in all, 15 percent of the citizens surveyed have borrowed
money in order to pay bills. A seemingly low share, yet too high
as this implies increased costs for the household. The question
then is to whom do you turn? Most commonly, people turn to
friends and family, with 72 percent stating these as their major
financing source when money is scarce. In Belgium and Italy,
the most popular choice is to borrow from your regular bank, as
47 percent and 48 percent respectively agree with this.
Where did you borrow money to finance your invoices?
(%)
48
27
24
10
12
11
4
Your regular
bank
SMS/online
credit
A bank
other than
your regular
bank
Family
Credit card
overdraft
Pawn shop
Friends
4
3
1
Boss/
work
Money-lender/
Usurer
Don’t know
The view on financing monthly invoices via alternative sources of funding, like SMS or on-line credits, varies greatly between the regions. In the Northern European countries (Denmark, Estonia, Finland, Norway and Sweden), 19 percent say
that they have borrowed money from this type of source in the
past 6 months, which is much higher than the rest of Europe.
In Finland, 27 percent of respondents say that they use SMS
or on-line credits to finance their invoices, much more popular among the Finns than turning to their regular bank.
Borrowing money to buy things is for the most part an unwise strategy, at least from a financial perspective. Yet 19 percent say it is okay to borrow money to buy consumer goods,
like a new TV or computer. And 10 percent say it is okay to
borrow money in order to finance a vacation trip.
Little room for the unexpected
About 51 percent of the respondents save money each month.
This share is higher (but not much higher) among those who
work (56 percent). If you don’t save money, you are in a risky
financial situation, which probably is why 47 percent say that
they could not face an unexpected expense of half a mean
monthly salary. The Austrians are the best citizens when it
comes to saving, with 67 percent say that they do this on a
monthly basis, while only 25 percent of Greeks do so – far
lower than in all other countries surveyed.
Parents consider household economy important and fully
85 percent try to teach this to their children. However, as with
most education, parents want help. Some 74 percent of all
Europeans think that children should learn about household
economics in school.
Money makes love go around
There are several reasons why people get married and stay together, but hopefully the most common is love. That said, of
those that are in a relationship, fully 15 percent report that their
financial situation is a reason for not ending their relationship.
While people in the Scandinavian countries seem to stay
with their partners mainly for other reasons than maintaining a certain financial status, the situation is different in other
parts of Europe. 6 percent of the Swedes, 7 percent of the
Norwegians and 8 percent of the Danes say that the financial
situation is a reason for not ending the relationship. This can
be compared to France where 37 percent of the respondents
say the same and Portugal where the share is 24 percent.
The confident man vs. the responsible woman?
The survey of the European Consumer Payment Report
indicates that women more often are concerned about making
money last and being able to handle the financial challenges
every month. Four out of ten (40 percent) women worry that
they will have no money left after having paid off their bills
while less than one in three (30 percent) men say the same.
More women (23 percent) than men (18 percent) are also
40% worry they will have
no money left after having
paid their bills.
75% knows what
bills to expect.
14% leave bills
unopened.
24% think
they are
financially
better off.
EU RO P EA N CO N S U M ER PAYM EN T R EP ORT 2015
scared to open the mail box to find more bills, while 14 percent
of the male respondents leave bills unopened compared to 11
percent among the women.
Furthermore, financial confidence seems to differ between
the genders, with 24 percent of men thinking that they are
financially better off than the average European, compared
to 16 percent of the women.
At the same time, women claim more control over their
financial situation, with 75 percent of female respondents
knowing exactly what kind of bills to expect each month as
opposed to 70 percent of males. Fully 88 percent of the women say that it is important to pay bills, compared to 82 percent of men. And even though men and women are equally
burdened when it comes to being able to pay bills on time,
more than half (51 percent) of the men gave negligence as a
reason (women 45 percent) while the same share of women
(51 percent) said it was due to lack of means (44 percent of
the men).
The above picture is supported by the findings in Intrum
Justitia’s own data, where the share of men with at least one
case of debt is higher than the share of women. The exception
to the rule is Portugal, where the average consumer with at
least one case is generally a woman. Furthermore, Portuguese
consumers with active debt cases also have a higher number of
outstanding debts.
The average European with at least one active debt case
Age
(years)
Number of
active cases
Denmark
46
1.56
Sweden
46
3.02
Finland
46
5.68
Belgium
43
3.71
Poland
47
—
Czech Rep.
51
1.64
Germany
46
1.16
France
43
1.38
Spain
43
3.09
Portugal
45
6.99
Total population
Source: Intrum Justitia production data
Share of
women, %
44
45
44
47
41
41
35
—
22
64
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E UROPEAN CONSUM E R PAYME NT RE PORT 2015
The younger consumer quite naturally is less indebted, being
at an early stage of adult life. Only in Germany do the young
appear to be more inclined to take on debts than the average
German consumer.
The share of young men with at least one active debt case is
higher than among young women. The Polish women aged
18-24 seem more careful to take on debts than others. As
only 22 percent of those with an active debt case are female
in this age category, far lower than the Polish average and also
in comparison with other countries.
Young adults with at least one active debt case
Age group
18-24
Age
(years)
Number of
active cases
Denmark
22
1.41
Sweden
22
2.55
Finland
21
4.52
Belgium
22
3.36
Poland
21
—
Czech Rep.
21
1.35
Germany
22
1.34
Spain
21
2.66
Source: Intrum Justitia production data
Share of
women, %
46
48
47
50
26
48
40
46
Europe’s young adult generation at risk
While unemployment rates are still at generally very high levels
in many European countries, the situation among those that
are expected to take on the responsibility of supporting an ever
aging population is to a large extent alarming. In countries like
Spain and Italy, youth unemployment is reported at levels far
above 40 percent and in Greece as much as 49 percent. The situation for this generation of Europeans is challenging to say the
least. The EU average of more than 20 percent indicates that it
is not only in these countries that young people are faced with a
far more difficult future than their parents.
The difficulties involved in finding a job and becoming
self-supporting have evident consequences according to Intrum Justitia´s survey. While 67 percent of young people say
that they have a substantial chance of improving their financial situation, fully 15 percent say that they don’t. This means
that millions of young Europeansare are facing the future with
little hope.
This is problematic for everyone. It is not unreasonable
for someone aged 25 or less to envisage a world where they,
given that they worked hard, can improve their lives. Almost
1 in 4 (23 percent) young people consider moving to another
country due to economic problems in their own countries.
This is of course especially bad in some countries.
For example, fully one third (32 percent) of young people
in Greece consider this, compared to less than 1 in 10 (8 percent) in Sweden. On a positive note, there seems to be a positive trend among the younger age groups when it comes to the
stability in the home country, fewer want to leave their native
country now compared to a year ago and 23 percent of all
respondents in the age group 18-24 believe that the financial situation in their home country is improving, somewhat
more positive than the average of all age groups.
Perhaps the most worrying example is the situation in
EU RO P EA N CO N S U M ER PAYM EN T R EP ORT 2015
Unemployment rate, age 15-24
Austria
(%)
Belgium
Belgium
23.3
Denmark
11.2
Estonia
Finland
France
Germany
7
Greece
48.6
Italy
10.4
32.2
Slovakia
25
17
15
5
46.7
20.1
12
33
Spain
9
8
Switzerland
14.5
UK
20
41
41
33
Sweden
8.6*
30
40
50 %
13
0
10
36
40
29
12
12
60
36
37
Slovakia
Spain
10
42
35
Portugal
23.7
0
53
32
Poland
Portugal
UK
29
Greece
Norway
19.3
Switzerland
16
6
Netherlands
11.5
Sweden
24
Italy
40.8
Poland
13
Ireland
20.6
Norway
32
20
Hungary
15.8
Netherlands
25
23
France
24.4
Ireland
21
10
9
Finland
22.7
Hungary
15
Estonia
13.3
Germany
8
(% that
agrees)
[ 2014 [ 2015
Czech Republic
12.2
Denmark
12
12
Austria
11
Czech Republic
I am considering moving abroad due to the financial
situation in my own country (age 18-24)
45
19
20
30
40
50
60 %
Souce: Eurostat May-Sep 2015 , * OECD 2014
Hungary where fully 60 percent of respondents aged 18-24
are considering moving to another country because of the financial situation. This is far higher than any other European
country and it is also a significant increase compared to 2014
when 42 percent of the young Hungarians said the same.
The survey by Intrum Justitia shows that 81 percent of young
people agree with the statement that it is important to pay bills
on time. This is notably less than in older generations, where
the share creeps towards 90 percent. Time will tell if “payment
morale” is something that comes with age or if the younger generations have a different perspective on this matter.
Almost 1 in 5 (18 percent) young people have borrowed
money to pay bills within the past 6 months. This behavior
becomes less common when growing older, and only 10 percent of those over 50 years old have done the same. In other
words, younger citizens need to gain a better understanding
of the possible negative impact that an unpaid bill could have
on their personal finances in the long run.
Young people also have worse control of their finances
compared with older generations. Among young people, 62
percent claim to know what bills to expect each month, compared to about 78 percent of those aged 50 or older. While
youths in general have a tighter budget than their older peers,
this should logically make it easier for them to manage their
budget. One can only hope that it is due to their relative inexperience and thus ability to overview their economic status.
The four Europes
In general, all parts of Europe are hurt by the fact that companies and consumers are unable to pay their bills on time. The
dilemma of companies needing predictable cash-flows and
faster payments in order to be able to recruit on one hand, and
the fact that the high unemployment causes irreparable damage to many European households on the other, is of course
not easily resolved.
In certain parts of Europe, the extended financial downturn
has caused more severe financial problems for consumers, while
in other parts the general view regarding personal finances is
much more optimistic. To illuminate these differences, we look
at four different regions of Europe – Northern Europe (Scandinavia, Finland and Estonia), Central Europe (UK, Switzerland,
the Netherlands, Ireland, Hungary, Germany, France, Belgium
and Austria), Eastern Europe (Slovakia, Poland, Czech Republic) and Southern Europe (Spain, Portugal, Italy and Greece).
9
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E UROPEAN CONSUM E R PAYME NT RE PORT 2015
Key findings:
• Compared to Northern Europeans almost twice as many
Southern Europeans have borrowed money in order to pay
a bill in the past 12 months – 21 percent vs. 11 percent.
• The share of people who sometimes find it hard to make
their money go round is almost the same throughout Europe, but compared to Northern Europeans, almost three
times as many Southern Europeans sometimes are scared
to open the mailbox to find more bills – 34 percent vs. 12
percent.
• More than half (52 percent) of Southern Europeans are
worried whether the money that’s left after having paid their
bills will suffice. In Eastern, Central, and Northern Europe
this share is far lower (32, 33 and 27 percent respectively).
• Almost a third of the Eastern and Southern Europeans
(31 percent and 32 percent respectively) do not consider
themselves as having enough money to afford a dignified
existence. For Central Europeans, this share is 25 percent,
whereas only a fifth (20 percent) of Northern Europeans
lack the means for a dignified existence.
• Whereas almost a fourth (24 percent) of South Europeans consider moving to another country due to the financial
situation where they live, this share is 17 percent among
Eastern Europeans, 13 percent among Central Europeans,
and only 9 percent among Northern Europeans.
• Almost a third of Southern Europeans (32 percent) believe that their children will be worse off than themselves.
In Northern Europe, the corresponding share is only 8 percent, while it is 13 percent and 17 percent in Eastern and
Central Europe respectively.
• Northern Europeans spike the chart when it comes to
faith in the respondent’s ability to substantially improve
their own economic situation in life. Fully 54 percent believe this. Relatively similar sentiment is seen in this regard
in Eastern, Central and Southern Europe, at 41 percent, 42
percent and 39 percent respectively.
Top 10 tips to keep your
household cash flow healthy:
1. Work out your spending to spend within your means. Get
7. If you fail to pay what you owe, you may be contacted by
2. Think twice before purchasing something – do you really
8. By keeping communication going and striving to reach a
a handle on your household expenses by listing all of the
expenses you have each month with the aim of not spending
money you don’t have.
need it?
3. Set aside funds for bills you know will arrive sometime in the
future so you have enough to pay them, from income tax to
car insurance or registration.
4. Never sign a contract until you have read and understood the
stated terms.
5. Always read the small print and avoid extra costs by always
paying on time.
6. If you cannot pay a bill on time, do not postpone informing
the people to whom you owe money – you may be able to
work out a repayment deal or gain some extra time.
a debt collector. In that situation you need to react to limit
potential damage and costs. Talk to the collection agency
about your financial situation and seek possible solutions.
solution, you may be able to find ways of solving your debt
problem.
9. If you have a payment plan, keep your promises. If you can’t,
then it is vital you inform the collection agency immediately.
Reputable debt collectors such as ourselves are here to help
you get out of debt.
10. Don’t ignore any money problems you may have, get advice
as soon as possible and work to obtain a firm grip on your
financial situation.
EU RO P EA N CO N S U M ER PAYM EN T R EP ORT 2015
COUNTRY REPORTS
11
12
E UROPEAN CONSUM E R PAYME NT RE PORT 2015
AUSTRIA
Key Findings
› 3 9 percent of Austrians were late paying at least one bill during the
past 12 months. This is slightly lower than the European average of 44
percent. The most common reason for doing so was negligence, stated
by two thirds (63 percent) of the respondents. At the same time, more
than 4 in 5 (83 percent) of Austrians believe it is important to pay bills
on time.
› T wo thirds of Austrians save money each month. The most common
reason for saving money is for unforeseen expenses, stated by 72 percent of the respondents, followed by travelling, stated by 41 percent of
the respondents. Only 7 in 10 of those respondents who are employed
save money. This is far more than among those who are not employed,
yet low in the sense that everyone needs a buffer.
38,500
27,300
GDP percentage growth
Økonomisk
Inflation
udviklin
0.3
1,3
1.5
0,6
Unemployment rate
5.6
10,2
Source: Eurostat
17
18
PAYMENT BEHAVIOUR (consumer to business)
Average payment
terms allowed to
customers
Average time for
actual payment days
days
Source: European Payment Report 2015
› 3 2 percent of Austrians describe their economic situation as “very
good” or “pretty good”. Men are much more inclined to answer that
their situation is very or pretty good (39 percent) compared to women
(25 percent). At the same time, almost 2 in 5 say that they have a reasonable chance to improve their economic situation. This is much more
common amongst the young people of Austria. Of those between 18
and 24, 66 percent say that they have a chance, compared to only 21
percent of those over 50. However, the fact that 15 percent of those
between 18 and 24 say “no” is of course problematic.
Average, EU
ECONOMIC DEVELOPMENT
GDP per capita in euro
67 %
Proportion that
save money each
month
Average savings (median):
EUR
200
EU RO P EA N CO N S U M ER PAYM EN T R EP ORT 2015
Payment behaviour, specific types of bills
Can you tell us for each of the following types of bills weather you pay these within the specified period, after the specified period,
or whether it can vary according to circumstances at the time?
Respondents chose from a list and specify how invoices/bills were paid.
4
2
94
6
5
89
5
6
90
4
3
92
5
4
90
4
4
92
5
4
91
13
9
5
86
8
78
4
5
91
21
9
6
84
11
9
10
8
84
8
82
100 %
1,0
5
4
91
5
5
90
7
8
85
80
0,8
6
3
91
68
0,6
60
0,4
40
[ Within
specified
period
[ After
specified
period
0,2
20
0,0
[ It varies
Rent
payment
Television
costs
Gas, water,
electricity bills
Mortgage
payment
Internet/
broadband
costs
Fixed
telephone
costs
Payment of
credit card
bills
Insurances
Traffic
fines
Taxes
Paying off
loans
Doctor/
dentist/healthcare bills
Paying off
education
costs
Paying off
outstanding
debts
Web store/
e-commerce/
mail order bills
Child care
costs
Subscriptions
(newspaper,
magazines,
sport, etc)
STATEMENTS, degree of agreement or disagreement, %
3
5
[ Agree [ Neither agree nor disagree [ Disagree
15
[ No
58
[ Yes, one bill
10
72
[ Yes, 2-4 bills
[ Yes, 5 bills or
more
During the last
12 months, have
you at one or
several times not
paid a bill
on time? (%)
19
Mobile
telephone
costs
18
53
24
83
23
“In general
I don’t have
my financial
situation under
control”
1
3
14
18
[ I don’t know
In the past 6 months, have
you borrowed money, apart
from mortgages, in order to
pay bills?
14
68
9
12
2
5
89
87
“I’m scared
sometimes
to open the
mailbox to find
more bills”
“After having
paid my bills I
am worried that
the money that
is left will not
suffice”
18
“I believe it’s
important to
pay bills on
time”
11
77
15
60
64
25
25
[ Yes [ No [ I don’t know
Where did you borrow the money from?
“I try to
teach my
children how
to handle
money”
%
49
“I think it is okay
to borrow money
in order to buy
consumer goods”
“Children should
learn more about
household economy in school”
% that agrees
35
20
26
7
4
11
“My financial
situation is a
factor for not
ending my
relationship”
18
18
18
20
19
20
15
5
2
3
0
Family
Pawn
Your
Boss/
SMS/online
shop
regular
work
credit
bank
MoneyDon’t
A bank
Credit card Friends
lender/Usurer know
other than
overdraft
your regular
bank
10
8
8
8
5
0
”I’m considering moving to another country
due to the financial
situation in my own
country”
[ 2013 [ 2014 [ 2015
“At the moment I do
not have enough
money for a dignified
existence”
“I am financially
better off than the
average European”
13
14
E UROPEAN CONSUM E R PAYME NT RE PORT 2015
BELGIUM
Key Findings
› A round one in three (32 percent) Belgians say that they could not afford an unforeseen expenditure of 1,200 euros. At the same time, one
in four Belgians claim that they cannot afford a dignified existence.
› Only one in every four Belgians said that they are financially better
off than their parents. Simultaneously 36 percent claim that they have
a chance of substantially improving their economic situation in life.
While this is higher amongst those who are under 24, even amongst
this group, one out of five (18 percent) think they will not be able to see
their financial status improve in the future.
›O
nly 9 percent of Belgians agree with the statement that it is fine to
borrow money in order to take a vacation. However, this rises if one
looks at the younger segments. Amongst those aged 18 to 24, 15 percent thinks it is okay.
36,100
27,300
GDP percentage growth
Økonomisk
Inflation
udviklin
1
1.3
0.5
0.6
Unemployment rate
8.5
10.2
Source: Eurostat
21
23
PAYMENT BEHAVIOUR (consumer to business)
Average payment
terms allowed to
customers
Average time for
actual payment days
days
Source: European Payment Report 2015
› A mong the older age groups, a clearly higher share say that their parents taught them how to handle money when they grew up. Among
those aged 50 or more, almost two thirds (60 percent) say their parents
did this. Amongst those aged 45 or less, only about one in two agree
with the same statement.
Average, EU
ECONOMIC DEVELOPMENT
GDP per capita in euro
55 %
Proportion that
save money each
month
Average savings (median):
EUR
200
EU RO P EA N CO N S U M ER PAYM EN T R EP ORT 2015
15
Payment behaviour, specific types of bills
Can you tell us for each of the following types of bills weather you pay these within the specified period, after the specified
period, or whether it can vary according to circumstances at the time?
Respondents chose from a list and specify how invoices/bills were paid.
77
74
10
13
10
11
9
12
13
11
12
77
79
79
12
10
12
76
76
78
11
12
14
16
14
75
19
74
11
12
12
17
76
19
27
71
65
17
18
19
25
63
55
12
14
13
13
74
73
100 %
80
0,8
10
17
60
0,6
9
14
57
[ Within
specified
period
0,4
40
[ After
specified
period
0,2
20
0,0
[ It varies
Rent
payment
Television
costs
Gas, water,
electricity bills
Mortgage
payment
Internet/
broadband
costs
Fixed
telephone
costs
Payment of
credit card
bills
Insurances
Traffic
fines
Taxes
Paying off
loans
Doctor/
dentist/healthcare bills
Paying off
education
costs
Paying off
outstanding
debts
Web store/
e-commerce/
mail order bills
Child care
costs
Subscriptions
(newspaper,
magazines,
sport, etc)
STATEMENTS, degree of agreement or disagreement, %
3
5
[ Agree [ Neither agree nor disagree [ Disagree
17
[ No
55
[ Yes, one bill
5
14
58
[ Yes, 2-4 bills
[ Yes, 5 bills or
more
During the last
12 months, have
you at one or
several times not
paid a bill
on time? (%)
19
Mobile
telephone
costs
35
33
22
73
31
32
“In general
I don’t have
my financial
situation under
control”
3
30
27
[ I don’t know
In the past 6 months, have
you borrowed money, apart
from mortgages, in order to
pay bills?
38
3
15
10
73
24
82
“I’m scared
sometimes
to open the
mailbox to find
more bills”
“After having
paid my bills I
am worried that
the money that
is left will not
suffice”
62
28
“I believe it’s
important to
pay bills on
time”
15
58
21
40
27
38
[ Yes [ No [ I don’t know
Where did you borrow the money from?
“I try to
teach my
children how
to handle
money”
%
47
“I think it is okay
to borrow money
in order to buy
consumer goods”
“Children should
learn more about
household economy in school”
“My financial
situation is a
factor for not
ending my
relationship”
% that agrees
34
14
13
13
23
25
23
25
20
15
5
2
0
1
Family
Pawn
Your
Boss/
SMS/online
shop
regular
work
credit
bank
MoneyDon’t
A bank
Credit card Friends
lender/Usurer know
other than
overdraft
your regular
bank
15
13
12
23
23
20
13
10
5
0
”I’m considering moving to another country
due to the financial
situation in my own
country”
[ 2013 [ 2014 [ 2015
“At the moment I do
not have enough
money for a dignified
existence”
“I am financially
better off than the
average European”
16
E UROPEAN CONSUM E R PAYME NT RE PORT 2015
Czech Republic
Key Findings
› 8 5 percent of Czech parents try to teach their children how to handle
money. And 86 percent of Czechs think that children should learn
more about household economy in school.
› A lmost one in four (23 percent) young Czechs aged 18 to 24 are considering moving to another country in order to improve their financial
situation. The good news is that almost half (46 percent) of the same
age group concur in the statement that their financial situation is getting better.
› A lmost two thirds (63 percent) of Czech report that they regularly
save money. The most common reason for doing so is in order to
handle unexpected expenses, followed by saving for one’s retirement
and to finance travelling.
Average, EU
ECONOMIC DEVELOPMENT
GDP per capita in euro
14,700
27,300
GDP percentage growth
Økonomisk
Inflation
udviklin
2
1.3
0.4
0.6
Unemployment rate
6.1
10.2
Source: Eurostat
17
17
PAYMENT BEHAVIOUR (consumer to business)
Average payment
terms allowed to
customers
Average time for
actual payment days
days
Source: European Payment Report 2015
63 %
Proportion that
save money each
month
Average savings (median):
CZK
2000
EU RO P EA N CO N S U M ER PAYM EN T R EP ORT 2015
17
Payment behaviour, specific types of bills
Can you tell us for each of the following types of bills weather you pay these within the specified period, after the specified period,
or whether it can vary according to circumstances at the time?
Respondents chose from a list and specify how invoices/bills were paid.
3
3
94
5
4
91
8
4
88
6
3
91
6
4
90
11
8
4
5
83
2
3
94
8
3
88
87
3
2
95
9
6
85
7
3
90
15
6
79
4
2
94
6
2
92
5
4
91
100 %
5
3
92
80
0,8
7
3
91
0,6
60
[ Within
specified
period
0,4
40
[ After
specified
period
0,2
20
0,0
[ It varies
Rent
payment
Television
costs
Gas, water,
electricity bills
Mortgage
payment
Internet/
broadband
costs
Fixed
telephone
costs
Payment of
credit card
bills
Insurances
Traffic
fines
Taxes
Paying off
loans
Doctor/
dentist/healthcare bills
Paying off
education
costs
Paying off
outstanding
debts
Web store/
e-commerce/
mail order bills
Child care
costs
Subscriptions
(newspaper,
magazines,
sport, etc)
STATEMENTS, degree of agreement or disagreement, %
2
4
[ Agree [ Neither agree nor disagree [ Disagree
18
[ No
52
[ Yes, one bill
13
67
[ Yes, 2-4 bills
[ Yes, 5 bills or
more
During the last
12 months, have
you at one or
several times not
paid a bill
on time? (%)
24
Mobile
telephone
costs
27
47
20
25
“In general
I don’t have
my financial
situation under
control”
1
92
14
[ I don’t know
In the past 6 months, have
you borrowed money, apart
from mortgages, in order to
pay bills?
7 1
14
72
14
13
2
11
85
85
“I’m scared
sometimes
to open the
mailbox to find
more bills”
“After having
paid my bills I
am worried that
the money that
is left will not
suffice”
3
86
“I believe it’s
important to
pay bills on
time”
10
21
47
73
17
32
[ Yes [ No [ I don’t know
Where did you borrow the money from?
%
9
29
30
25
10
“I think it is okay
to borrow money
in order to buy
consumer goods”
“Children should
learn more about
household economy in school”
“My financial
situation is a
factor for not
ending my
relationship”
% that agrees
38
23
“I try to
teach my
children how
to handle
money”
15
11
3
28
27
25
20
1
1
15
10
Pawn
Your
Boss/
SMS/online Family
shop
regular
work
credit
bank
Friends Money-lender/ Don’t
A bank
Credit card
Usurer
know
other than overdraft
your regular
bank
13
12
10
7
5
0
”I’m considering moving to another country
due to the financial
situation in my own
country”
[ 2013 [ 2014 [ 2015
“At the moment I do
not have enough
money for a dignified
existence”
6
7
“I am financially
better off than the
average European”
18
E UROPEAN CONSUM E R PAYME NT RE PORT 2015
Denmark
Key Findings
›D
enmark is the fourth best country in the survey when it comes to
paying bills on time, outranked only by the UK, France and Spain. Yet
35 percent of the Danes have failed to do so at least once during the last
12 months. The most common reason for not paying on time is negligence (stated by 57 percent of those answering the survey). Yet 33 percent say that they did it because they could not afford to pay on time.
›O
nly about two in five (41 percent) Danes save money each month.
This behavior is more common amongst the young, but even in the
group most inclined to save money – those aged 25 to 34 – only 51
percent saves money regularly. And one in four that answered the survey say that they are worried that their money will not suffice once they
have paid their bills.
Average, EU
ECONOMIC DEVELOPMENT
GDP per capita in euro
45,600
27,300
GDP percentage growth
Økonomisk
Inflation
udviklin
1.1
1.3
0.3
0.6
Unemployment rate
6.6
10.2
Source: Eurostat
16
19
PAYMENT BEHAVIOUR (consumer to business)
Average payment
terms allowed to
customers
Average time for
actual payment days
days
Source: European Payment Report 2015
› T he two issues that most Danes associate with causing financial trouble
in Denmark are fuel and energy costs.
41 %
Proportion that
save money each
month
Average savings (median):
DKR
1000
EU RO P EA N CO N S U M ER PAYM EN T R EP ORT 2015
19
Payment behaviour, specific types of bills
Can you tell us for each of the following types of bills weather you pay these within the specified period, after the specified period,
or whether it can vary according to circumstances at the time?
Respondents chose from a list and specify how invoices/bills were paid.
3
7
89
3
7
90
3
7
90
3
10
87
3
7
90
3
7
90
5
8
88
8
7
85
8
4
9
88
12
80
4
7
88
7
10
83
5
10
5
10
84
84
4
6
90
100 %
4
8
88
80
0,8
3
8
89
3
5
92
0,6
60
[ Within
specified
period
0,4
40
[ After
specified
period
0,2
20
0,0
[ It varies
Rent
payment
Television
costs
Gas, water,
electricity bills
Mortgage
payment
3
Internet/
broadband
costs
Fixed
telephone
costs
Payment of
credit card
bills
Insurances
Traffic
fines
Taxes
Paying off
loans
Doctor/
dentist/healthcare bills
Paying off
education
costs
Paying off
outstanding
debts
Web store/
e-commerce/
mail order bills
Child care
costs
Subscriptions
(newspaper,
magazines,
sport, etc)
STATEMENTS, degree of agreement or disagreement, %
2
[ Agree [ Neither agree nor disagree [ Disagree
11
[ No
62
[ Yes, one bill
11
72
[ Yes, 2-4 bills
[ Yes, 5 bills or
more
During the last
12 months, have
you at one or
several times not
paid a bill
on time? (%)
22
Mobile
telephone
costs
24
54
17
89
22
“In general
I don’t have
my financial
situation under
control”
1
3
12
[ I don’t know
In the past 6 months, have
you borrowed money, apart
from mortgages, in order to
pay bills?
8
12
76
9
11
3
23
86
90
“I’m scared
sometimes
to open the
mailbox to find
more bills”
“After having
paid my bills I
am worried that
the money that
is left will not
suffice”
5
73
“I believe it’s
important to
pay bills on
time”
8
19
49
72
33
20
[ Yes [ No [ I don’t know
Where did you borrow the money from?
“I try to
teach my
children how
to handle
money”
%
“I think it is okay
to borrow money
in order to buy
consumer goods”
“Children should
learn more about
household economy in school”
“My financial
situation is a
factor for not
ending my
relationship”
% that agrees
35
25
17
24
35
31
30
18
10
8
1
1
6
Pawn
Your
Boss/
SMS/online Family
shop
regular
work
credit
bank
A bank
Credit card Friends Money-lender/ Don’t
Usurer
know
other than overdraft
your regular
bank
25
20
15
10
14
7
8
18
15
7
8
5
0
”I’m considering moving to another country
due to the financial
situation in my own
country”
[ 2013 [ 2014 [ 2015
27
“At the moment I do
not have enough
money for a dignified
existence”
“I am financially
better off than the
average European”
20
E UROPEAN CONSUM E R PAYME NT RE PORT 2015
Estonia
Key Findings
›O
nly one out of ten (11 percent) of Estonians say that they have been
forced to borrow money in the last 12 months in order to pay bills. At
the same time almost one in four (23 percent) said that it happens that
they cannot make their money go round.
Average, EU
ECONOMIC DEVELOPMENT
GDP per capita in euro
14,800
27,300
GDP percentage growth
Økonomisk
Inflation
udviklin
2.1
1.3
0.5
0.6
Unemployment rate
7.4
10.2
Source: Eurostat
›O
nly 47 percent say that their parents taught them how to handle
money when they grew up. This seems to be changing. Of those with
children, fully 89 percent say that they try to teach their children this.
Some 69 percent says that the state should take responsibility, i.e. that
kids should learn about household economy in school.
› In Estonia, only 27 percent claim to be self-sufficient financially.
Of all the European countries participating in this survey, this is the
lowest recorded share that says this. The second-lowest share is found
in Greece, where 32 percent say that they are not self-sufficient. At
the same time, there is great optimism in Estonia. 57 percent believe
that they have a reasonable chance of substantially improving their
economic lot in life. This makes Estonia the surveyed market where
they highest share of respondents state this.
10
12
PAYMENT BEHAVIOUR (consumer to business)
Average payment
terms allowed to
customers
Average time for
actual payment days
days
Source: European Payment Report 2015
42 %
Proportion that
save money each
month
Average savings (median):
EUR
100
EU RO P EA N CO N S U M ER PAYM EN T R EP ORT 2015
21
Payment behaviour, specific types of bills
Can you tell us for each of the following types of bills weather you pay these within the specified period, after the specified period,
or whether it can vary according to circumstances at the time?
Respondents chose from a list and specify how invoices/bills were paid.
7
3
90
4
3
93
5
2
93
5
2
93
6
4
90
6
3
91
5
2
94
13
8
1
90
3
84
11
7
1
92
4
85
9
1
89
21
8
4
89
8
4
88
4
75
5
1
94
100 %
7
1
92
80
0,8
8
4
88
0,6
60
[ Within
specified
period
0,4
40
[ After
specified
period
0,2
20
0,0
[ It varies
Rent
payment
Television
costs
Gas, water,
electricity bills
Mortgage
payment
5
Internet/
broadband
costs
Fixed
telephone
costs
Payment of
credit card
bills
Insurances
Traffic
fines
Taxes
Paying off
loans
Doctor/
dentist/healthcare bills
Paying off
education
costs
Paying off
outstanding
debts
Web store/
e-commerce/
mail order bills
Child care
costs
Subscriptions
(newspaper,
magazines,
sport, etc)
STATEMENTS, degree of agreement or disagreement, %
2
[ Agree [ Neither agree nor disagree [ Disagree
20
[ No
57
[ Yes, one bill
11
61
[ Yes, 2-4 bills
[ Yes, 5 bills or
more
During the last
12 months, have
you at one or
several times not
paid a bill
on time? (%)
16
Mobile
telephone
costs
42
22
89
10
28
[ I don’t know
36
“In general
I don’t have
my financial
situation under
control”
1 11
In the past 6 months, have
you borrowed money, apart
from mortgages, in order to
pay bills?
2
9
9
82
10
“I’m scared
sometimes
to open the
mailbox to find
more bills”
“After having
paid my bills I
am worried that
the money that
is left will not
suffice”
1
5
89
88
69
26
“I believe it’s
important to
pay bills on
time”
7
16
48
76
16
37
[ Yes [ No [ I don’t know
Where did you borrow the money from?
40
%
6
“My financial
situation is a
factor for not
ending my
relationship”
% that agrees
60
10
“I think it is okay
to borrow money
in order to buy
consumer goods”
“Children should
learn more about
household economy in school”
37
27
14
“I try to
teach my
children how
to handle
money”
52
50
4
3
3
3
40
30
20
Pawn
Your
Boss/
SMS/online Family
shop
regular
work
credit
bank
A bank
Credit card Friends Money-lender/ Don’t
Usurer
know
other than
overdraft
your regular
bank
10
0
35
45
31
21
12
”I’m considering moving to another country
due to the financial
situation in my own
country”
[ 2013 [ 2014 [ 2015
5
“At the moment I do
not have enough
money for a dignified
existence”
5
6
“I am financially
better off than the
average European”
22
E UROPEAN CONSUM E R PAYME NT RE PORT 2015
Finland
Key Findings
›O
f those answering the survey in Finland, 17 percent say that they
have had to borrow money in order to pay their bills during the last 6
months. The most common place to turn to in this situation of need
is family (56 percent) and friends (30 percent). This is pretty aligned
with the rest of Europe. The third most common source for money is
another story as 27 percent percent say that they have turned to SMS/
online credit. This share is higher only in Estonia and then just marginally and representing a small population (since the share of those
having needed to borrow money is lower in Estonia).
› T he Finns are pretty pessimistic about their financial situation. Only
16 percent say that they are financially better off than the average
European, which is on a par with Spain. And only 8 percent think that
the country’s economic situation is getting better. Only Greece has a
lower share of people believing this.
Average, EU
ECONOMIC DEVELOPMENT
GDP per capita in euro
37,400
27,300
–0.1
1.3
GDP percentage growth
Økonomisk
Inflation
udviklin
Unemployment rate
1.2
0.6
8.7
10.2
Source: Eurostat
13
15
PAYMENT BEHAVIOUR (consumer to business)
Average payment
terms allowed to
customers
Average time for
actual payment days
days
Source: European Payment Report 2015
43 %
Proportion that
save money each
month
Average savings (median):
EUR
150
EU RO P EA N CO N S U M ER PAYM EN T R EP ORT 2015
23
Payment behaviour, specific types of bills
Can you tell us for each of the following types of bills weather you pay these within the specified period, after the specified period,
or whether it can vary according to circumstances at the time?
Respondents chose from a list and specify how invoices/bills were paid.
12
4
3
93
12
10
5
86
5
84
4
84
10
6
85
12
11
6
82
5
84
7
3
89
7
3
90
9
11
11
8
3
88
5
84
80
23
11
10
6
84
7
71
9
3
88
8
81
100 %
13
6
81
80
60
0,6
6
83
0,8
11
[ Within
specified
period
0,4
40
[ After
specified
period
0,2
20
0,0
[ It varies
Rent
payment
Television
costs
Gas, water,
electricity bills
Mortgage
payment
Internet/
broadband
costs
Fixed
telephone
costs
Payment of
credit card
bills
Insurances
Traffic
fines
Taxes
Paying off
loans
Doctor/
dentist/healthcare bills
Paying off
education
costs
Paying off
outstanding
debts
Web store/
e-commerce/
mail order bills
Child care
costs
Subscriptions
(newspaper,
magazines,
sport, etc)
STATEMENTS, degree of agreement or disagreement, %
2
14
[ Agree [ Neither agree nor disagree [ Disagree
[ No
49
[ Yes, one bill
14
64
[ Yes, 2-4 bills
[ Yes, 5 bills or
more
During the last
12 months, have
you at one or
several times not
paid a bill
on time? (%)
22
Mobile
telephone
costs
33
41
18
65
11
2
87
17
22
[ I don’t know
26
“In general
I don’t have
my financial
situation under
control”
13
1
In the past 6 months, have
you borrowed money, apart
from mortgages, in order to
pay bills?
11
17
“I’m scared
sometimes
to open the
mailbox to find
more bills”
“After having
paid my bills I
am worried that
the money that
is left will not
suffice”
1
5
88
77
18
“I believe it’s
important to
pay bills on
time”
13
20
47
82
59
33
28
[ Yes [ No [ I don’t know
Where did you borrow the money from?
%
56
23
25
4
5
1
2
1
1
Pawn
Your
Boss/
SMS/online Family
shop
regular
work
credit
bank
A bank
Credit card Friends Money-lender/ Don’t
Usurer
know
other than
overdraft
your regular
bank
15
10
24
“My financial
situation is a
factor for not
ending my
relationship”
24
18
20
14
“I think it is okay
to borrow money
in order to buy
consumer goods”
“Children should
learn more about
household economy in school”
% that agrees
30
27
“I try to
teach my
children how
to handle
money”
9
10
17
16
10
5
0
”I’m considering moving to another country
due to the financial
situation in my own
country”
[ 2013 [ 2014 [ 2015
“At the moment I do
not have enough
money for a dignified
existence”
“I am financially
better off than the
average European”
24
E UROPEAN CONSUM E R PAYME NT RE PORT 2015
France
Key Findings
›O
ne in three Frenchmen has failed to pay at least one bill on time
during the last 12 months. The most common reason for this is lack of
means, claimed by 69 percent of the respondents.
› A lmost one in two (45 percent) Frenchmen worry that the money they
have left after having paid bills will not suffice. This share is about the
same regardless of age group.
› 3 7 percent of those in a relationship say that their financial situation
is a factor for not ending said relationship. The situation is worse
amongst the men, where fully 40 percent say this, compared to 34
percent of the women.
› T axes are what the largest shares of Frenchmen associate with causing
Average, EU
ECONOMIC DEVELOPMENT
GDP per capita in euro
32,400
27,300
0.4
1.3
0.6
0.6
10.3
10.2
GDP percentage growth
Økonomisk
Inflation
udviklin
Unemployment rate
Source: Eurostat
23
33
PAYMENT BEHAVIOUR (consumer to business)
Average payment
terms allowed to
customers
Average time for
actual payment days
days
Source: European Payment Report 2015
financial problems in their country. This is followed by energy costs,
fuel costs and grocery costs.
50 %
Proportion that
save money each
month
Average savings (median):
EUR
200
EU RO P EA N CO N S U M ER PAYM EN T R EP ORT 2015
25
Payment behaviour, specific types of bills
Can you tell us for each of the following types of bills weather you pay these within the specified period, after the specified period,
or whether it can vary according to circumstances at the time?
Respondents chose from a list and specify how invoices/bills were paid.
6
6
88
5
9
86
3
5
92
6
7
89
4
6
90
4
5
91
5
6
90
5
5
91
5
7
88
9
12
5
6
89
79
6
8
87
13
10
8
11
14
81
73
6
6
88
14
100 %
6
8
86
76
80
0,8
6
6
88
0,6
60
[ Within
specified
period
0,4
40
[ After
specified
period
0,2
20
0,0
[ It varies
Rent
payment
Television
costs
Gas, water,
electricity bills
Mortgage
payment
Internet/
broadband
costs
Mobile
telephone
costs
Fixed
telephone
costs
Payment of
credit card
bills
Insurances
Taxes
Paying off
loans
Doctor/
dentist/healthcare bills
Paying off
education
costs
Paying off
outstanding
debts
Web store/
e-commerce/
mail order bills
Child care
costs
Subscriptions
(newspaper,
magazines,
sport, etc)
STATEMENTS, degree of agreement or disagreement, %
3 1
[ Agree [ Neither agree nor disagree [ Disagree
12
[ No
68
[ Yes, one bill
14
67
[ Yes, 2-4 bills
[ Yes, 5 bills or
more
During the last
12 months, have
you at one or
several times not
paid a bill
on time? (%)
16
Traffic
fines
35
45
27
55
18
20
“In general
I don’t have
my financial
situation under
control”
1
17
15
“I’m scared
sometimes
to open the
mailbox to find
more bills”
“After having
paid my bills I
am worried that
the money that
is left will not
suffice”
4
13
80
64
“I believe it’s
important to
pay bills on
time”
17
26
47
37
23
82
27
[ Yes [ No [ I don’t know
Where did you borrow the money from?
82
18
[ I don’t know
In the past 6 months, have
you borrowed money, apart
from mortgages, in order to
pay bills?
6
12
“I try to
teach my
children how
to handle
money”
%
46
“I think it is okay
to borrow money
in order to buy
consumer goods”
“Children should
learn more about
household economy in school”
“My financial
situation is a
factor for not
ending my
relationship”
% that agrees
40
38
30
19
10
35
35
8
32
35
25
12
3
1
2
1
Pawn
Your
Boss/
SMS/online Family
shop
regular
work
credit
bank
A bank
Credit card Friends Money-lender/ Don’t
Usurer
know
other than
overdraft
your regular
bank
20
15
17
14
19
20
22
13
10
5
0
”I’m considering moving to another country
due to the financial
situation in my own
country”
[ 2013 [ 2014 [ 2015
“At the moment I do
not have enough
money for a dignified
existence”
“I am financially
better off than the
average European”
26
E UROPEAN CONSUM E R PAYME NT RE PORT 2015
Germany
Key Findings
› A mong Germans, 84 percent believe that it is important to always pay
bills on time. Yet 39 percent have managed not to do so at least once
during the last 12 months. This share is higher amongst those who are
under 35 years, of whom more than one in two have failed to pay at least
one bill on time. The most common reason for this is negligence, stated
by 69 percent of those who have paid at least one bill late.
› Only slightly more than one third (36 percent) of German parents
Average, EU
ECONOMIC DEVELOPMENT
GDP per capita in euro
27,300
1.6
1.3
0.8
0.6
5
10.2
GDP percentage growth
Økonomisk
Inflation
udviklin
Unemployment rate
Source: Eurostat
14
13
PAYMENT BEHAVIOUR (consumer to business)
disagree with the statement that their children will be financially worse
off than themselves.
Average payment
terms allowed to
customers
›O
ne in four worries that the money they have left after paying their bills
Average time for
actual payment for the month will not be enough. 56 percent regularly save money.
35,200
days
days
Source: European Payment Report 2015
› A lmost one in five (18 percent) that is in a relationship say that their
financial situation is a factor for not ending it.
56 %
Proportion that
save money each
month
Average savings (median):
EUR
200
EU RO P EA N CO N S U M ER PAYM EN T R EP ORT 2015
27
Payment behaviour, specific types of bills
Can you tell us for each of the following types of bills weather you pay these within the specified period, after the specified period,
or whether it can vary according to circumstances at the time?
Respondents chose from a list and specify how invoices/bills were paid.
6
10
5
4
91
84
4
5
92
6
7
87
4
5
92
5
5
90
5
5
90
7
8
85
7
8
85
14
10
6
8
86
10
12
80
74
15
8
10
11
82
74
9
9
12
7
84
79
100 %
6
8
86
80
0,8
3
3
95
0,6
60
[ Within
specified
period
0,4
40
[ After
specified
period
0,2
20
0,0
[ It varies
Rent
payment
Television
costs
Gas, water,
electricity bills
Mortgage
payment
Internet/
broadband
costs
Fixed
telephone
costs
Payment of
credit card
bills
Insurances
Traffic
fines
Taxes
Paying off
loans
Doctor/
dentist/healthcare bills
Paying off
education
costs
Paying off
outstanding
debts
Child care
costs
[ Yes, one bill
11
73
[ Yes, 2-4 bills
[ Yes, 5 bills or
more
During the last
12 months, have
you at one or
several times not
paid a bill
on time? (%)
23
51
13
12
85
“I’m scared
sometimes
to open the
mailbox to find
more bills”
“After having
paid my bills I
am worried that
the money that
is left will not
suffice”
3
6
85
73
21
“I believe it’s
important to
pay bills on
time”
55
20
49
18
86
26
30
Where did you borrow the money from?
“I try to
teach my
children how
to handle
money”
%
50
“I think it is okay
to borrow money
in order to buy
consumer goods”
“Children should
learn more about
household economy in school”
“My financial
situation is a
factor for not
ending my
relationship”
% that agrees
27
11
3
26
[ Yes [ No [ I don’t know
34
13
15
“In general
I don’t have
my financial
situation under
control”
1
16
69
16
[ I don’t know
In the past 6 months, have
you borrowed money, apart
from mortgages, in order to
pay bills?
4
Subscriptions
(newspaper,
magazines,
sport, etc)
[ Agree [ Neither agree nor disagree [ Disagree
[ No
59
16
13
Web store/
e-commerce/
mail order bills
STATEMENTS, degree of agreement or disagreement, %
2
4
19
Mobile
telephone
costs
25
19
20
6
2
3
1
Pawn
Your
Boss/
SMS/online Family
shop
regular
work
credit
bank
A bank
Credit card Friends Money-lender/ Don’t
Usurer
know
other than
overdraft
your regular
bank
15
10
10
9
18
20
20
21
20
7
5
0
”I’m considering moving to another country
due to the financial
situation in my own
country”
[ 2013 [ 2014 [ 2015
“At the moment I do
not have enough
money for a dignified
existence”
“I am financially
better off than the
average European”
28
E UROPEAN CONSUM E R PAYME NT RE PORT 2015
greece
Key Findings
› A mong Greeks, 78 percent have paid at least one bill late during the last
12 months. Fully 60 percent have been late paying more than two bills.
The absolutely most common reason stated for being late, an answer
given by 79 percent of those having paid late, was the inability to pay.
In addition, three in ten have had to borrow money in order to pay
their bills. Of these, the most common sources for loans are family and
friends. Only 6 percent borrowed money from their bank.
› A mere 6 percent of the Greek respondents think that is OK to borrow money to buy consumer goods, and only 4 percent think that it is ok to borrow
money in order to finance a vacation trip. These numbers are among the absolute lowest of the surveyed countries. Perhaps it is Greeks’ recurring budget
deficits that have made their people so reluctant to borrow money.
Average, EU
ECONOMIC DEVELOPMENT
GDP per capita in euro
16,300
27,300
GDP percentage growth
Økonomisk
Inflation
udviklin
0.8
1.3
–1.4
0.6
Unemployment rate
26.5
10.2
Source: Eurostat
16
21
PAYMENT BEHAVIOUR (consumer to business)
Average payment
terms allowed to
customers
Average time for
actual payment days
days
Source: European Payment Report 2015
› T o end on a positive note – 30 percent think that they have a chance of
substantially improving their economic situation in life. And among
those aged 35 or less the share who thinks this rises to about four out
of ten.
25 %
Proportion that
save money each
month
Average savings (median):
EUR
100
EU RO P EA N CO N S U M ER PAYM EN T R EP ORT 2015
29
Payment behaviour, specific types of bills
Can you tell us for each of the following types of bills weather you pay these within the specified period, after the specified period,
or whether it can vary according to circumstances at the time?
Respondents chose from a list and specify how invoices/bills were paid.
10
18
27
71
16
16
16
20
19
17
19
20
67
65
62
64
14
26
14
22
72
61
52
51
21
21
19
18
16
11
61
63
28
38
24
70
19
17
14
17
9
74
76
10
80
14
60
64
64
25
100 %
23
0,8
22
0,6
20
48
40
[ Within
specified
period
0,4
18
37
[ After
specified
period
0,2
20
0,0
[ It varies
Rent
payment
Television
costs
Gas, water,
electricity bills
Mortgage
payment
Internet/
broadband
costs
Mobile
telephone
costs
Fixed
telephone
costs
Payment of
credit card
bills
Insurances
[ No
[ Yes, one bill
Paying off
outstanding
debts
Web store/
e-commerce/
mail order bills
Child care
costs
Subscriptions
(newspaper,
magazines,
sport, etc)
4
75
22
“In general
I don’t have
my financial
situation under
control”
1
21
30
48
35
18
In the past 6 months, have
you borrowed money, apart
from mortgages, in order to
pay bills?
62
26
[ I don’t know
38
14
30
“I’m scared
sometimes
to open the
mailbox to find
more bills”
“After having
paid my bills I
am worried that
the money that
is left will not
suffice”
1
6
5
85
75
19
“I believe it’s
important to
pay bills on
time”
76
14
53
18
34
68
[ Yes [ No [ I don’t know
Where did you borrow the money from?
“I try to
teach my
children how
to handle
money”
%
73
“I think it is okay
to borrow money
in order to buy
consumer goods”
“Children should
learn more about
household economy in school”
“My financial
situation is a
factor for not
ending my
relationship”
% that agrees
45
50
40
7
11
34
31
[ Yes, 2-4 bills
[ Yes, 5 bills or
more
During the last
12 months, have
you at one or
several times not
paid a bill
on time? (%)
1
Doctor/
dentist/healthcare bills
Paying off
education
costs
[ Agree [ Neither agree nor disagree [ Disagree
21
22
2
Taxes
Paying off
loans
STATEMENTS, degree of agreement or disagreement, %
1
6
Traffic
fines
6
2
7
0
Pawn
Your
Boss/
SMS/online Family
shop
regular
work
credit
bank
A bank
Credit card Friends Money-lender/ Don’t
Usurer
know
other than
overdraft
your regular
bank
30
42
38
44
45
49
31
20
10
0
5
”I’m considering moving to another country
due to the financial
situation in my own
country”
[ 2013 [ 2014 [ 2015
“At the moment I do
not have enough
money for a dignified
existence”
5
5
“I am financially
better off than the
average European”
30
E UROPEAN CONSUM E R PAYME NT RE PORT 2015
Hungary
Key Findings
› Almost two in three (63 percent) in Hungary has at least once not
paid a bill on time during the last 12 months. This is more common
amongst those in “mid-life”, i.e. those aged 25 to 49. The most common reason of not doing so is inability, stated by 58 percent of the respondents, followed by negligence.
› T hree out of four believe that children should learn about household
10,500
27,300
GDP percentage growth
Økonomisk
Inflation
udviklin
3.6
1.3
0
0.6
Unemployment rate
7.7
10.2
Source: Eurostat
Average payment
terms allowed to
customers
› One in four could manage an unexpected expense of 94,000 Forint. At
Average time for
actual payment days
days
Source: European Payment Report 2015
› L ess than one in ten (8 percent) claim that the financial situation in
Hungary is getting better. 35 percent say that they consider moving
to another country because of the financial situation in Hungary, and
among those aged 18 to 24 fully 60 percent say that they ponder this.
8
20
PAYMENT BEHAVIOUR (consumer to business)
economy in school. This is extra important since only 36 percent say
that their parents taught them about such matters when they were
growing up.
the same time only 13 percent would describe their financial situation
in life as either very good or pretty good, and only 44 percent say that
they are financially self-sufficient.
Average, EU
ECONOMIC DEVELOPMENT
GDP per capita in euro
42 %
Proportion that
save money each
month
Average savings (median):
HUF
20 000
EU RO P EA N CO N S U M ER PAYM EN T R EP ORT 2015
31
Payment behaviour, specific types of bills
Can you tell us for each of the following types of bills weather you pay these within the specified period, after the specified period,
or whether it can vary according to circumstances at the time?
Respondents chose from a list and specify how invoices/bills were paid.
6
74
11
26
9
71
18
19
18
21
16
9
8
10
11
7
78
73
73
65
72
18
8
74
68
16
21
21
22
5
79
12
5
74
9
68
68
30
14
18
6
80
6
76
12
10
5
85
100 %
17
80
6
77
0,8
18
60
0,6
20
58
[ Within
specified
period
0,4
40
[ After
specified
period
0,2
20
0,0
[ It varies
Rent
payment
Television
costs
Gas, water,
electricity bills
Mortgage
payment
Internet/
broadband
costs
Fixed
telephone
costs
Payment of
credit card
bills
Insurances
Traffic
fines
Taxes
Paying off
loans
Doctor/
dentist/healthcare bills
Paying off
education
costs
Paying off
outstanding
debts
Child care
costs
[ Yes, one bill
9
56
[ Yes, 2-4 bills
[ Yes, 5 bills or
more
During the last
12 months, have
you at one or
several times not
paid a bill
on time? (%)
14
13
2
5
85
“I’m scared
sometimes
to open the
mailbox to find
more bills”
“After having
paid my bills I
am worried that
the money that
is left will not
suffice”
20
76
“I believe it’s
important to
pay bills on
time”
13
69
21
42
18
85
37
[ Yes [ No [ I don’t know
Where did you borrow the money from?
“I try to
teach my
children how
to handle
money”
%
“I think it is okay
to borrow money
in order to buy
consumer goods”
“Children should
learn more about
household economy in school”
“My financial
situation is a
factor for not
ending my
relationship”
% that agrees
43
30
47
50
21
9
81
34
“In general
I don’t have
my financial
situation under
control”
1
3
16
21
56
23
[ I don’t know
In the past 6 months, have
you borrowed money, apart
from mortgages, in order to
pay bills?
36
30
35
17
4
Subscriptions
(newspaper,
magazines,
sport, etc)
[ Agree [ Neither agree nor disagree [ Disagree
[ No
36
20
Web store/
e-commerce/
mail order bills
STATEMENTS, degree of agreement or disagreement, %
2
13
32
Mobile
telephone
costs
40
6
3
7
1
Pawn
Your
Boss/
SMS/online Family
shop
regular
work
credit
bank
A bank
Credit card Friends Money-lender/ Don’t
Usurer
know
other than
overdraft
your regular
bank
30
30
44
47
35
26
25
20
10
0
6
”I’m considering moving to another country
due to the financial
situation in my own
country”
[ 2013 [ 2014 [ 2015
“At the moment I do
not have enough
money for a dignified
existence”
6
“I am financially
better off than the
average European”
32
E UROPEAN CONSUM E R PAYME NT RE PORT 2015
Ireland
Key Findings
›O
f the Irish
in the survey, 55 percent regularly save money. Among
those under 35, the share that saves money is a full 66 percent. The most
common reason for saving money is in order to deal with unexpected
expenses, stated by 69 percent of those saving money. This is followed
by money for travel expenses, stated by 42 percent.
› A little over one in two say that they have a reasonable chance of substantially improving their economic situation during their lifetime. Amongst
those who are 24 or younger, the share that sees a bright future has surged
to 73 percent.
›O
f the respondents, 38 percent say that the financial situation in Ireland
is getting better, and 29 percent say that their personal financial situation
is getting better. Again, the younger generations are much more positive,
at least when it comes to their own financial prospects.
Average, EU
ECONOMIC DEVELOPMENT
GDP per capita in euro
40,200
27,300
4.8
1.3
GDP percentage growth
Økonomisk
Inflation
udviklin
Unemployment rate
0.3
0.6
11.3
10.2
Source: Eurostat
18
18
PAYMENT BEHAVIOUR (consumer to business)
Average payment
terms allowed to
customers
Average time for
actual payment days
days
Source: European Payment Report 2015
55 %
Proportion that
save money each
month
Average savings (median):
EUR
200
EU RO P EA N CO N S U M ER PAYM EN T R EP ORT 2015
33
Payment behaviour, specific types of bills
Can you tell us for each of the following types of bills weather you pay these within the specified period, after the specified period,
or whether it can vary according to circumstances at the time?
Respondents chose from a list and specify how invoices/bills were paid.
12
7
8
86
11
78
8
7
85
7
8
15
5
7
88
8
77
85
18
8
13
85
7
69
17
15
16
14
10
11
75
70
28
73
17
17
15
15
14
13
11
13
78
71
68
11
100 %
80
0,8
7
5
87
73
60
0,6
6
5
88
[ Within
specified
period
54
0,4
40
[ After
specified
period
0,2
20
0,0
[ It varies
Rent
payment
Television
costs
Gas, water,
electricity bills
Mortgage
payment
Internet/
broadband
costs
Fixed
telephone
costs
Payment of
credit card
bills
Insurances
Traffic
fines
Taxes
Paying off
loans
Doctor/
dentist/healthcare bills
Paying off
education
costs
Paying off
outstanding
debts
Child care
costs
[ No
[ Yes, one bill
21
54
[ Yes, 2-4 bills
[ Yes, 5 bills or
more
During the last
12 months, have
you at one or
several times not
paid a bill
on time? (%)
1
19
12
13
86
“I’m scared
sometimes
to open the
mailbox to find
more bills”
4
83
“I believe it’s
important to
pay bills on
time”
14
58
22
52
28
80
26
[ Yes [ No [ I don’t know
Where did you borrow the money from?
“I try to
teach my
children how
to handle
money”
%
“I think it is okay
to borrow money
in order to buy
consumer goods”
“Children should
learn more about
household economy in school”
“My financial
situation is a
factor for not
ending my
relationship”
% that agrees
52
32
35
24
14
81
20
“After having
paid my bills I
am worried that
the money that
is left will not
suffice”
3
3
15
29
52
21
“In general
I don’t have
my financial
situation under
control”
In the past 6 months, have
you borrowed money, apart
from mortgages, in order to
pay bills?
46
33
25
[ I don’t know
23
3
Subscriptions
(newspaper,
magazines,
sport, etc)
[ Agree [ Neither agree nor disagree [ Disagree
48
10
Web store/
e-commerce/
mail order bills
STATEMENTS, degree of agreement or disagreement, %
2
6
21
Mobile
telephone
costs
30
15
14
2
25
1
1
Pawn
Your
Boss/
SMS/online Family
shop
regular
work
credit
bank
A bank
Credit card Friends Money-lender/ Don’t
Usurer
know
other than
overdraft
your regular
bank
20
15
23
33
26
21
15
15
15
18
10
5
0
”I’m considering moving to another country
due to the financial
situation in my own
country”
[ 2013 [ 2014 [ 2015
“At the moment I do
not have enough
money for a dignified
existence”
“I am financially
better off than the
average European”
34
E UROPEAN CONSUM E R PAYME NT RE PORT 2015
Italy
Key Findings
›O
f the Italians participating in the survey, 18 percent say that they have
had to borrow money in the last 6 months in order to pay their bills. Of
those, half have turned to their bank. The second most common source
for this loan is family, utilized by 29 percent.
Average, EU
ECONOMIC DEVELOPMENT
GDP per capita in euro
26,600
27,300
GDP percentage growth
Økonomisk
Inflation
udviklin
–0.4
1.3
0.2
0.6
Unemployment rate
12.7
10.2
Source: Eurostat
› Almost one in two (48 percent) Italians worry that their money will not
suffice once they have paid their bills. Among those aged 24 or younger
56 percent say that they worry. Furthermore, 56 percent among the
same age group say that they are sometimes scared to open the mailbox
for fear of finding new bills.
› A lmost one in three (29 percent) has considered moving to another
country because of the financial troubles in Italy. Only 18 percent
think that the economic situation within the country is getting better.
33
48
PAYMENT BEHAVIOUR (consumer to business)
Average payment
terms allowed to
customers
Average time for
actual payment days
days
Source: European Payment Report 2015
› A mong Italians, 23 percent think it is okay to borrow money in order
to buy consumer goods like a new TV or a new computer. Among
women, the share is 26 percent. Add to this that 16 percent think it is
okay to borrow money to fund a vacation trip. This also is more okay
among women, where 19 percent agree with this.
41 %
Proportion that
save money each
month
Average savings (median):
EUR
200
EU RO P EA N CO N S U M ER PAYM EN T R EP ORT 2015
35
Payment behaviour, specific types of bills
Can you tell us for each of the following types of bills weather you pay these within the specified period, after the specified period,
or whether it can vary according to circumstances at the time?
Respondents chose from a list and specify how invoices/bills were paid.
6
83
11
7
6
87
10
79
9
10
7
8
10
7
83
85
81
6
8
87
8
6
86
11
13
14
8
10
10
81
77
9
7
84
76
16
14
8
9
11
82
80
5
4
91
9
100 %
11
8
80
82
0,8
6
7
87
70
60
0,6
12
[ Within
specified
period
0,4
40
[ After
specified
period
0,2
20
0,0
[ It varies
Rent
payment
Television
costs
Gas, water,
electricity bills
Mortgage
payment
Internet/
broadband
costs
Mobile
telephone
costs
Fixed
telephone
costs
Payment of
credit card
bills
Insurances
Traffic
fines
Taxes
Paying off
loans
Doctor/
dentist/healthcare bills
Paying off
education
costs
Paying off
outstanding
debts
Web store/
e-commerce/
mail order bills
Child care
costs
Subscriptions
(newspaper,
magazines,
sport, etc)
STATEMENTS, degree of agreement or disagreement, %
14
[ Agree [ Neither agree nor disagree [ Disagree
[ No
[ Yes, one bill
During the last
12 months, have
you at one or
several times not
paid a bill
on time? (%)
43
4
20
56
[ Yes, 2-4 bills
[ Yes, 5 bills or
more
24
[ I don’t know
“In general
I don’t have
my financial
situation under
control”
13
2
11
18
“I’m scared
sometimes
to open the
mailbox to find
more bills”
“After having
paid my bills I
am worried that
the money that
is left will not
suffice”
2
10
87
80
14
49
21
2
83
29
31
27
In the past 6 months, have
you borrowed money, apart
from mortgages, in order to
pay bills?
48
21
58
“I believe it’s
important to
pay bills on
time”
12
63
23
45
25
32
32
[ Yes [ No [ I don’t know
Where did you borrow the money from?
“I try to
teach my
children how
to handle
money”
%
“I think it is okay
to borrow money
in order to buy
consumer goods”
“Children should
learn more about
household economy in school”
“My financial
situation is a
factor for not
ending my
relationship”
% that agrees
48
35
29
19
14
12
30
19
25
2
2
4
1
Pawn
Your
Boss/
SMS/online Family
shop
regular
work
credit
bank
A bank
Credit card Friends Money-lender/ Don’t
Usurer
know
other than
overdraft
your regular
bank
27
27
29
29
32
28
20
20
15
12
10
14
5
0
”I’m considering moving to another country
due to the financial
situation in my own
country”
[ 2013 [ 2014 [ 2015
“At the moment I do
not have enough
money for a dignified
existence”
“I am financially
better off than the
average European”
36
E UROPEAN CONSUM E R PAYME NT RE PORT 2015
The Netherlands
Key Findings
› A mong the Dutch respondents, 26 percent say that they are better off
than the average European. This feeling is stronger among the younger
respondents. At the same time 16 percent of the respondents say that
they do not have enough money for a dignified existence.
Average, EU
ECONOMIC DEVELOPMENT
GDP per capita in euro
38,900
27,300
GDP percentage growth
0.9
1.3
Inflation
0.3
0.6
Unemployment rate
7.4
10.2
Source: Eurostat
›O
f the Dutch respondents, 43 percent say that they have at least once
failed to pay a bill on time during the last 12 months. The most common reason for being late is a stated inability to pay, i.e. lack of funds.
However, there are few who have severe trouble. Only 7 percent say
that they have failed to pay 5 or more bills on time.
› 1 5 percent say that their financial situation is a reason for not ending
their relationship. This share is higher among men, of whom 18 percent
state that this is an issue.
19
19
PAYMENT BEHAVIOUR (consumer to business)
Average payment
terms allowed to
customers
Average time for
actual payment days
days
Source: European Payment Report 2015
52 %
Proportion that
save money each
month
Average savings (median):
EUR
200
EU RO P EA N CO N S U M ER PAYM EN T R EP ORT 2015
37
Payment behaviour, specific types of bills
Can you tell us for each of the following types of bills weather you pay these within the specified period, after the specified period,
or whether it can vary according to circumstances at the time?
Respondents chose from a list and specify how invoices/bills were paid.
4
6
89
5
6
89
5
7
88
6
7
87
5
6
89
9
11
81
10
13
12
14
8
82
12
11
13
77
75
21
13
73
13
14
12
17
19
11
71
66
9
8
100 %
83
78
0,8
5
6
89
80
67
0,6
4
7
89
60
[ Within
specified
period
0,4
8
6
86
40
0,2
[ After
specified
period
20
0,0
[ It varies
Rent
payment
Television
costs
Gas, water,
electricity bills
Mortgage
payment
Internet/
broadband
costs
Fixed
telephone
costs
Payment of
credit card
bills
Insurances
Taxes
Paying off
loans
Doctor/
dentist/healthcare bills
Paying off
education
costs
Paying off
outstanding
debts
Web store/
e-commerce/
mail order bills
Child care
costs
Subscriptions
(newspaper,
magazines,
sport, etc)
[ Agree [ Neither agree nor disagree [ Disagree
55
[ No
[ Yes, one bill
18
Traffic
fines
STATEMENTS, degree of agreement or disagreement, %
2
7
Mobile
telephone
costs
During the last
12 months, have
you at one or
several times not
paid a bill
on time? (%)
11
67
[ Yes, 2-4 bills
[ Yes, 5 bills or
more
27
47
82
26
“In general
I don’t have
my financial
situation under
control”
19
1
2
18
21
[ I don’t know
In the past 6 months, have
you borrowed money, apart
from mortgages, in order to
pay bills?
16
16
65
9
13
1
9
86
90
“I’m scared
sometimes
to open the
mailbox to find
more bills”
“After having
paid my bills I
am worried that
the money that
is left will not
suffice”
67
“I believe it’s
important to
pay bills on
time”
15
61
11
68
21
24
24
[ Yes [ No [ I don’t know
Where did you borrow the money from?
“I try to
teach my
children how
to handle
money”
%
“I think it is okay
to borrow money
in order to buy
consumer goods”
“Children should
learn more about
household economy in school”
“My financial
situation is a
factor for not
ending my
relationship”
% that agrees
44
34
30
13
13
11
26
25
19
3
1
0
3
Family
Pawn
Your
Boss/
SMS/online
shop
regular
work
credit
bank
Friends
MoneyDon’t
A bank
Credit card
lender/Usurer
know
other than
overdraft
your regular
bank
20
20
15
10
10
10
17
24
26
16
10
5
0
”I’m considering moving to another country
due to the financial
situation in my own
country”
[ 2013 [ 2014 [ 2015
“At the moment I do
not have enough
money for a dignified
existence”
“I am financially
better off than the
average European”
38
E UROPEAN CONSUM E R PAYME NT RE PORT 2015
Norway
Key Findings
› A mong the Norwegian respondents, 65 percent save money each month
and the reason for this is primarily to handle unexpected expenses. Some
56 percent could handle an unexpected expense of up to 22,000 NOK.
The share that says that they could handle this kind of expense rises
with age.
›W
hen the Norwegians were asked to rate the possible causes of financial problems in their country, 46 percent of the respondents consider
divorce to be one of the main reasons. This is a higher share than those
who consider the cost of fuel and energy to be the cause.
›O
f the Norwegian respondents, 31 percent say that sometimes they
have trouble making their money go round. Among those aged 24 or
younger fully, 41 percent say that this is an issue. In the same age-group
26 percent concur with the statement that they do not have enough
money for a dignified existence.
Average, EU
ECONOMIC DEVELOPMENT
GDP per capita in euro
73,400
27,300
GDP percentage growth
Økonomisk
Inflation
udviklin
2.2
1.3
1.9
0.6
Unemployment rate
3.5
10.2
Source: Eurostat
18
21
PAYMENT BEHAVIOUR (consumer to business)
Average payment
terms allowed to
customers
Average time for
actual payment days
days
Source: European Payment Report 2015
65 %
Proportion that
save money each
month
Average savings (median):
NOK
2 000
EU RO P EA N CO N S U M ER PAYM EN T R EP ORT 2015
39
Payment behaviour, specific types of bills
Can you tell us for each of the following types of bills weather you pay these within the specified period, after the specified period,
or whether it can vary according to circumstances at the time?
Respondents chose from a list and specify how invoices/bills were paid.
7
3
90
7
3
90
9
5
87
7
5
88
7
4
89
5
4
91
12
6
3
91
5
83
12
7
4
90
6
82
6
3
90
8
5
87
11
9
6
84
8
9
4
87
83
10
100 %
4
86
0,8
3
3
94
80
0,6
7
4
90
60
0,4
[ Within
specified
period
40
0,2
[ After
specified
period
20
0,0
[ It varies
Rent
payment
Television
costs
Gas, water,
electricity bills
Mortgage
payment
Internet/
broadband
costs
Fixed
telephone
costs
Payment of
credit card
bills
Insurances
Taxes
Paying off
loans
Doctor/
dentist/healthcare bills
Paying off
education
costs
Paying off
outstanding
debts
Web store/
e-commerce/
mail order bills
Child care
costs
Subscriptions
(newspaper,
magazines,
sport, etc)
[ Agree [ Neither agree nor disagree [ Disagree
55
[ No
[ Yes, one bill
19
Traffic
fines
STATEMENTS, degree of agreement or disagreement, %
2
8
Mobile
telephone
costs
During the last
12 months, have
you at one or
several times not
paid a bill
on time? (%)
11
77
[ Yes, 2-4 bills
[ Yes, 5 bills or
more
12
24
53
[ I don’t know
16
1
2
90
14
23
“In general
I don’t have
my financial
situation under
control”
In the past 6 months, have
you borrowed money, apart
from mortgages, in order to
pay bills?
8
12
74
11
10
“I’m scared
sometimes
to open the
mailbox to find
more bills”
“After having
paid my bills I
am worried that
the money that
is left will not
suffice”
2
13
88
4
“I believe it’s
important to
pay bills on
time”
11
83
7
76
67
16
21
87
[ Yes [ No [ I don’t know
Where did you borrow the money from?
%
47
26
“My financial
situation is a
factor for not
ending my
relationship”
47
50
48
47
40
10
2
“I think it is okay
to borrow money
in order to buy
consumer goods”
“Children should
learn more about
household economy in school”
% that agrees
19
16
“I try to
teach my
children how
to handle
money”
1
1
2
2
Pawn
Your
Boss/
SMS/online Family
shop
regular
work
credit
bank
A bank
Credit card Friends Money-lender/ Don’t
Usurer
know
other than
overdraft
your regular
bank
30
17
20
10
0
9
7
7
”I’m considering moving to another country
due to the financial
situation in my own
country”
[ 2013 [ 2014 [ 2015
13
18
“At the moment I do
not have enough
money for a dignified
existence”
“I am financially
better off than the
average European”
40
E UROPEAN CONSUM E R PAYME NT RE PORT 2015
Poland
Key Findings
› A mong the Poles, 89 percent say that it is important to pay your bills
on time. Yet every second Pole has failed to do so at least once during
the last 12 months. The most common reason for doing so was negligence, stated by 58 percent. The second most common reason was
lack of funds, stated by 40 percent. However, among those who are
aged between 18 and 24, inability (48 percent) and negligence (52
percent) share the first place.
›M
ore than one in three (37 percent) Poles say that it is okay to borrow
money in order to buy consumer goods. Men think that this is okay to
a greater extent than women do. 43 percent of the men say it is okay,
compared to 33 percent among the women.
›O
ne in two Poles regularly save money. The most common reason is
Average, EU
ECONOMIC DEVELOPMENT
GDP per capita in euro
10,700
27,300
GDP percentage growth
3.4
1.3
Inflation
0.1
0.6
9
10.2
Unemployment rate
Source: Eurostat
22
33
PAYMENT BEHAVIOUR (consumer to business)
Average payment
terms allowed to
customers
Average time for
actual payment days
days
Source: European Payment Report 2015
to be ready to parry unexpected expenses, stated by 67 percent of the
Poles. The second most common reason is in order to be able to travel,
stated by 37 percent, and third most common reason is in order to have
a buffer in case of one loses ones job, stated by 22 percent.
49 %
Proportion that
save money each
month
Average savings (median):
PLN
400
EU RO P EA N CO N S U M ER PAYM EN T R EP ORT 2015
41
Payment behaviour, specific types of bills
Can you tell us for each of the following types of bills weather you pay these within the specified period, after the specified period,
or whether it can vary according to circumstances at the time?
Respondents chose from a list and specify how invoices/bills were paid.
8
5
87
6
5
88
8
6
86
7
9
6
86
5
86
4
4
92
10
5
4
91
8
82
21
7
4
89
8
7
85
14
15
10
10
15
7
84
5
85
4
3
93
10
100 %
7
82
80
0,8
5
7
87
70
60
[ Within
specified
period
0,4
65
0,6
8
4
88
40
[ After
specified
period
0,2
20
0,0
[ It varies
Rent
payment
Television
costs
Gas, water,
electricity bills
Mortgage
payment
Internet/
broadband
costs
Fixed
telephone
costs
Payment of
credit card
bills
Insurances
Taxes
Paying off
loans
Doctor/
dentist/healthcare bills
Paying off
education
costs
Paying off
outstanding
debts
50
[ No
15
64
[ Yes, 2-4 bills
[ Yes, 5 bills or
more
During the last
12 months, have
you at one or
several times not
paid a bill
on time? (%)
Subscriptions
(newspaper,
magazines,
sport, etc)
35
43
89
22
“In general
I don’t have
my financial
situation under
control”
1
16
16
4
81
“I’m scared
sometimes
to open the
mailbox to find
more bills”
“After having
paid my bills I
am worried that
the money that
is left will not
suffice”
6
71
23
“I believe it’s
important to
pay bills on
time”
12
60
37
35
27
83
27
Where did you borrow the money from?
“I try to
teach my
children how
to handle
money”
%
“I think it is okay
to borrow money
in order to buy
consumer goods”
“Children should
learn more about
household economy in school”
“My financial
situation is a
factor for not
ending my
relationship”
% that agrees
50
32
9
3
15
[ Yes [ No [ I don’t know
29
8
15
70
[ I don’t know
In the past 6 months, have
you borrowed money, apart
from mortgages, in order to
pay bills?
8
Child care
costs
22
23
12
Web store/
e-commerce/
mail order bills
[ Agree [ Neither agree nor disagree [ Disagree
[ Yes, one bill
20
Traffic
fines
STATEMENTS, degree of agreement or disagreement, %
2
5
Mobile
telephone
costs
40
35
35
8
30
3
3
0
Pawn
Your
Boss/
SMS/online Family
shop
regular
work
credit
bank
A bank
Credit card Friends Money-lender/ Don’t
Usurer
know
other than
overdraft
your regular
bank
25
20
22
23
39
33
25
18
15
8
10
8
5
0
”I’m considering moving to another country
due to the financial
situation in my own
country”
[ 2013 [ 2014 [ 2015
“At the moment I do
not have enough
money for a dignified
existence”
“I am financially
better off than the
average European”
42
E UROPEAN CONSUM E R PAYME NT RE PORT 2015
Portugal
Key Findings
› A mong the Portuguese, 55 percent say that they are afraid that the money they have left in a month will not suffice once they have paid their
bills. This is worse among women, of whom 62 percent say that they
are afraid of this, compared to 47 percent among the men.
Average, EU
ECONOMIC DEVELOPMENT
GDP per capita in euro
16,600
27,300
0.9
1.3
GDP percentage growth
Inflation
–0.2
0.6
Unemployment rate
14.1
10.2
Source: Eurostat
› S lightly more than one in five (21 percent) Portuguese people consider
moving to another country due to the financial situation in Portugal.
Among those aged 34 or less almost one in three concur with this
statement.
› A lmost one in four (24 percent) of those in a relationship say that their
financial situation is a reason for not ending their relationship. This is a
more common view among men, of whom 28 percent say that this is the
case compared to 19 percent of the women.
34
40
PAYMENT BEHAVIOUR (consumer to business)
Average payment
terms allowed to
customers
Average time for
actual payment days
days
Source: European Payment Report 2015
41 %
Proportion that
save money each
month
Average savings (median):
EUR
150
EU RO P EA N CO N S U M ER PAYM EN T R EP ORT 2015
43
Payment behaviour, specific types of bills
Can you tell us for each of the following types of bills weather you pay these within the specified period, after the specified period,
or whether it can vary according to circumstances at the time?
Respondents chose from a list and specify how invoices/bills were paid.
10
5
85
11
10
9
6
83
7
84
6
84
13
4
2
94
6
81
9
3
88
4
3
93
13
5
2
93
6
81
9
4
87
24
8
3
88
6
3
91
5
3
92
100 %
100
5
3
92
7
4
89
80
80
7
2
91
9
66
60
60
[ Within
specified
period
40
40
[ After
specified
period
20
20
0
[ It varies
Rent
payment
Television
costs
Gas, water,
electricity bills
Mortgage
payment
Internet/
broadband
costs
Mobile
telephone
costs
Fixed
telephone
costs
Payment of
credit card
bills
Insurances
Doctor/
dentist/healthcare bills
Paying off
education
costs
Paying off
outstanding
debts
49
Child care
costs
22
20
56
[ Yes, 2-4 bills
[ Yes, 5 bills or
more
[ I don’t know
24
1
In the past 6 months, have
you borrowed money, apart
from mortgages, in order to
pay bills?
10
15
55
10
88
“I’m scared
sometimes
to open the
mailbox to find
more bills”
2
88
24
84
49
27
25
Where did you borrow the money from?
“I try to
teach my
children how
to handle
money”
%
62
“I think it is okay
to borrow money
in order to buy
consumer goods”
“Children should
learn more about
household economy in school”
“My financial
situation is a
factor for not
ending my
relationship”
% that agrees
35
24
8
“I believe it’s
important to
pay bills on
time”
23
52
[ Yes [ No [ I don’t know
18
92
28
“After having
paid my bills I
am worried that
the money that
is left will not
suffice”
1
6 2
28
44
24
“In general
I don’t have
my financial
situation under
control”
18
5
Subscriptions
(newspaper,
magazines,
sport, etc)
[ No
During the last
12 months, have
you at one or
several times not
paid a bill
on time? (%)
6
Web store/
e-commerce/
mail order bills
[ Agree [ Neither agree nor disagree [ Disagree
[ Yes, one bill
22
Taxes
Paying off
loans
STATEMENTS, degree of agreement or disagreement, %
2
9
Traffic
fines
30
25
1
0
3
0
Pawn
Your
Boss/
SMS/online Family
shop
regular
work
credit
bank
A bank
Credit card Friends Money-lender/ Don’t
Usurer
know
other than
overdraft
your regular
bank
20
33
29
29
28
28
21
15
7
10
5
0
”I’m considering moving to another country
due to the financial
situation in my own
country”
[ 2013 [ 2014 [ 2015
“At the moment I do
not have enough
money for a dignified
existence”
6
7
“I am financially
better off than the
average European”
44
E UROPEAN CONSUM E R PAYME NT RE PORT 2015
Slovakia
Key Findings
›O
ne in three of the Slovakian respondents say that they currently do not
have enough money for a dignified existence. Some 17 percent say that
they are considering moving to another country because of the financial
situation in Slovakia. Among those aged 18 to 24 fully 40 percent say
that they consider moving.
›O
f the respondents, 28 percent say that they think it is okay to borrow
money in order to buy consumer good, for example a new computer.
This share is actually lower among young people. Of those aged 18 to 24
only 20 percent say that they think this is okay.
› Some 73 percent think that children should learn more about household
economy in school. At the same time 86 percent of the parents say that
they themselves try to teach their children how to handle money.
Average, EU
ECONOMIC DEVELOPMENT
GDP per capita in euro
13,900
27,300
2.4
1.3
GDP percentage growth
Økonomisk
Inflation
udviklin
–0.1
0.6
Unemployment rate
13.2
10.2
Source: Eurostat
15
12
PAYMENT BEHAVIOUR (consumer to business)
Average payment
terms allowed to
customers
Average time for
actual payment days
days
Source: European Payment Report 2015
52 %
Proportion that
save money each
month
Average savings (median):
EUR
100
EU RO P EA N CO N S U M ER PAYM EN T R EP ORT 2015
45
Payment behaviour, specific types of bills
Can you tell us for each of the following types of bills weather you pay these within the specified period, after the specified period,
or whether it can vary according to circumstances at the time?
Respondents chose from a list and specify how invoices/bills were paid.
4
3
93
7
4
89
10
8
4
88
5
85
8
5
87
7
4
89
14
7
3
90
6
80
9
5
86
18
11
9
4
85
7
2
91
7
2
91
100 %
9
4
87
80
73
60
0,6
5
4
91
1,0
4
3
93
4
3
92
0,8
5
3
92
[ Within
specified
period
0,4
40
[ After
specified
period
0,2
20
0,0
[ It varies
Rent
payment
Television
costs
Gas, water,
electricity bills
Mortgage
payment
Internet/
broadband
costs
Fixed
telephone
costs
Payment of
credit card
bills
Insurances
Taxes
Paying off
loans
Doctor/
dentist/healthcare bills
Paying off
education
costs
Paying off
outstanding
debts
Web store/
e-commerce/
mail order bills
Child care
costs
Subscriptions
(newspaper,
magazines,
sport, etc)
[ Agree [ Neither agree nor disagree [ Disagree
51
[ No
[ Yes, one bill
18
Traffic
fines
STATEMENTS, degree of agreement or disagreement, %
3
3
Mobile
telephone
costs
During the last
12 months, have
you at one or
several times not
paid a bill
on time? (%)
14
54
[ Yes, 2-4 bills
[ Yes, 5 bills or
more
33
39
6 1
14
71
93
15
31
[ I don’t know
28
“In general
I don’t have
my financial
situation under
control”
25
1 16
In the past 6 months, have
you borrowed money, apart
from mortgages, in order to
pay bills?
13
“I’m scared
sometimes
to open the
mailbox to find
more bills”
“After having
paid my bills I
am worried that
the money that
is left will not
suffice”
1
4
86
73
“I believe it’s
important to
pay bills on
time”
8
67
28
36
23
82
25
36
[ Yes [ No [ I don’t know
Where did you borrow the money from?
“I try to
teach my
children how
to handle
money”
%
32
35
29
18
9
“My financial
situation is a
factor for not
ending my
relationship”
% that agrees
48
13
“I think it is okay
to borrow money
in order to buy
consumer goods”
“Children should
learn more about
household economy in school”
33
34
30
15
25
4
3
5
0
Pawn
Your
Boss/
SMS/online Family
shop
regular
work
credit
bank
A bank
Credit card Friends Money-lender/ Don’t
Usurer
know
other than
overdraft
your regular
bank
20
15
16
16
17
10
4
5
0
”I’m considering moving to another country
due to the financial
situation in my own
country”
[ 2013 [ 2014 [ 2015
“At the moment I do
not have enough
money for a dignified
existence”
5
7
“I am financially
better off than the
average European”
46
E UROPEAN CONSUM E R PAYME NT RE PORT 2015
Spain
Key Findings
› A mong the Spanish respondents, 30 percent report that they have not
been able to pay at least one bill on time during the last 12 months. This
is higher than the European average of 19 percent. The primary reason
for not paying a bill is inability, i.e. a lack of money, reported by 63 percent of those who have not paid at least one bill on time. This, on the
other hand, is higher than the European average of 48 percent.
› A mong the Spanish parents, 27 percent believe that their children will
be financially worse off than what they are. On the other hand, 54 percent of the Spaniards believe that they have a substantial chance of improving their financial situation during their lifetime. And among the
young Spaniards aged 18 to 24, the share that see a positive future rises
to 79 percent.
Average, EU
ECONOMIC DEVELOPMENT
GDP per capita in euro
22,800
27,300
1.4
1.3
GDP percentage growth
Inflation
–0.2
0.6
Unemployment rate
24.5
10.2
Source: Eurostat
44
45
PAYMENT BEHAVIOUR (consumer to business)
Average payment
terms allowed to
customers
Average time for
actual payment days
days
Source: European Payment Report 2015
› S ome 50 percent of the Spaniards say that they are financially self-sufficient. Among those aged 18 to 24 only 32 percent concur in this.
52 %
› S lightly more than one in two (52 percent) save money regularly. The
most common reason for doing this is to have a buffer for unexpected
expenses, as stated by 74 percent of the respondents. The second most
common reason to regularly save money is for travel, which is done by
43 percent.
Proportion that
save money each
month
Average savings (median):
EUR
250
EU RO P EA N CO N S U M ER PAYM EN T R EP ORT 2015
47
Payment behaviour, specific types of bills
Can you tell us for each of the following types of bills weather you pay these within the specified period, after the specified period,
or whether it can vary according to circumstances at the time?
Respondents chose from a list and specify how invoices/bills were paid.
7
7
86
4
6
90
4
7
89
5
7
88
8
8
7
8
85
83
19
9
7
10
7
84
12
21
83
5
7
88
9
84
83
18
69
8
7
10
100 %
1,0
4
6
90
10
8
80
0,8
5
8
87
5
8
87
82
60
61
0,6
7
4
89
[ Within
specified
period
0,4
40
[ After
specified
period
0,2
20
0,0
[ It varies
Rent
payment
Mortgage
payment
3
11
Television
costs
Gas, water,
electricity bills
Internet/
broadband
costs
Mobile
telephone
costs
Fixed
telephone
costs
Payment of
credit card
bills
Insurances
Taxes
Paying off
loans
Doctor/
dentist/healthcare bills
Paying off
education
costs
Paying off
outstanding
debts
Web store/
e-commerce/
mail order bills
Child care
costs
Subscriptions
(newspaper,
magazines,
sport, etc)
STATEMENTS, degree of agreement or disagreement, %
1
[ Agree [ Neither agree nor disagree [ Disagree
69
[ No
[ Yes, one bill
16
[ Yes, 2-4 bills
[ Yes, 5 bills or
more
During the last
12 months, have
you at one or
several times not
paid a bill
on time? (%)
16
Traffic
fines
[ I don’t know
49
35
28
1
14
19
46
4
85
27
“I’m scared
sometimes
to open the
mailbox to find
more bills”
“After having
paid my bills I
am worried that
the money that
is left will not
suffice”
2
7
83
11
27
30
“In general
I don’t have
my financial
situation under
control”
In the past 6 months, have
you borrowed money, apart
from mortgages, in order to
pay bills?
43
15
70
23
“I believe it’s
important to
pay bills on
time”
56
20
43
80
37
28
[ Yes [ No [ I don’t know
Where did you borrow the money from?
“I try to
teach my
children how
to handle
money”
%
50
“I think it is okay
to borrow money
in order to buy
consumer goods”
“Children should
learn more about
household economy in school”
“My financial
situation is a
factor for not
ending my
relationship”
% that agrees
39
34
35
15
4
12
30
16
5
25
4
4
1
Pawn
Your
Boss/
SMS/online Family
shop
regular
work
credit
bank
A bank
Credit card Friends Money-lender/ Don’t
Usurer
know
other than
overdraft
your regular
bank
20
15
10
25
25
21
24
18
9
13
13
5
0
”I’m considering moving to another country
due to the financial
situation in my own
country”
[ 2013 [ 2014 [ 2015
“At the moment I do
not have enough
money for a dignified
existence”
“I am financially
better off than the
average European”
48
E UROPEAN CONSUM E R PAYME NT RE PORT 2015
SWEDEN
Key Findings
› Among the Swedish parents, 86 percent try to teach their children how
to handle money. Still, 78 percent think that it would be a good idea
for the government to take more responsibility by letting children learn
more about household economy in school.
Average, EU
ECONOMIC DEVELOPMENT
GDP per capita in euro
44,300
27,300
GDP percentage growth
Økonomisk
Inflation
udviklin
2.1
1.3
0.2
0.6
Unemployment rate
7.9
10.2
Source: Eurostat
›O
f the respondents, 62 percent save money regularly. The most common reason for saving money is in order to battle unexpected expenses,
as stated by 74 percent of those who save money. The second most
common reason is for consumption, as stated by 46 percent.
› A lmost one in five (19 percent) thinks that Sweden’s financial situation
is getting better, and 37 percent think that their own financial situation
is getting better. Among those aged 24 or less, fully 48 percent say that
their financial situation is getting better. Add to this the fact that one
in two believe that their economic situation in life is very good or pretty
good and a picture starts to emerge. Although everything may not
be perfect, the population of Sweden is relatively positive, especially
compared to other European countries.
22
24
PAYMENT BEHAVIOUR (consumer to business)
Average payment
terms allowed to
customers
Average time for
actual payment days
days
Source: European Payment Report 2015
62 %
Proportion that
save money each
month
Average savings (median):
SEK
2 000
EU RO P EA N CO N S U M ER PAYM EN T R EP ORT 2015
49
Payment behaviour, specific types of bills
Can you tell us for each of the following types of bills weather you pay these within the specified period, after the specified period,
or whether it can vary according to circumstances at the time?
Respondents chose from a list and specify how invoices/bills were paid.
5
5
90
6
5
89
6
6
88
7
6
88
4
5
91
9
5
5
90
6
84
9
8
6
85
6
86
7
6
87
10
10
7
8
7
82
8
5
87
9
83
83
100 %
100
5
5
90
8
5
86
80
80
6
6
88
5
4
91
60
60
[ Within
specified
period
40
40
[ After
specified
period
20
20
0
[ It varies
Rent
payment
Television
costs
Gas, water,
electricity bills
Mortgage
payment
4
Internet/
broadband
costs
Fixed
telephone
costs
Payment of
credit card
bills
Insurances
Traffic
fines
Taxes
Paying off
loans
Doctor/
dentist/healthcare bills
Paying off
education
costs
Paying off
outstanding
debts
Web store/
e-commerce/
mail order bills
Child care
costs
Subscriptions
(newspaper,
magazines,
sport, etc)
STATEMENTS, degree of agreement or disagreement, %
2
[ Agree [ Neither agree nor disagree [ Disagree
57
[ No
14
[ Yes, one bill
13
71
[ Yes, 2-4 bills
[ Yes, 5 bills or
more
During the last
12 months, have
you at one or
several times not
paid a bill
on time? (%)
23
Mobile
telephone
costs
60
23
5
89
18
“In general
I don’t have
my financial
situation under
control”
2
7
11
16
[ I don’t know
In the past 6 months, have
you borrowed money, apart
from mortgages, in order to
pay bills?
10
79
10
8
5
86
“I’m scared
sometimes
to open the
mailbox to find
more bills”
“After having
paid my bills I
am worried that
the money that
is left will not
suffice”
7
15
“I believe it’s
important to
pay bills on
time”
6
17
78
59
12
82
24
90
[ Yes [ No [ I don’t know
Where did you borrow the money from?
%
45
20
18
6
“I think it is okay
to borrow money
in order to buy
consumer goods”
“Children should
learn more about
household economy in school”
“My financial
situation is a
factor for not
ending my
relationship”
% that agrees
34
35
20
16
“I try to
teach my
children how
to handle
money”
30
6
7
22
25
0
2
Pawn
Your
Boss/
SMS/online Family
shop
regular
work
credit
bank
A bank
Credit card Friends Money-lender/ Don’t
Usurer
know
other than
overdraft
your regular
bank
20
15
10
5
0
9
7
22
18
22
24
9
”I’m considering moving to another country
due to the financial
situation in my own
country”
[ 2013 [ 2014 [ 2015
“At the moment I do
not have enough
money for a dignified
existence”
“I am financially
better off than the
average European”
50
E UROPEAN CONSUM E R PAYME NT RE PORT 2015
Switzerland
Key Findings
›O
ne in ten has had to borrow money in order to pay bills during the
past 6 months. Of these almost half turned to their family in order
to secure the loan. The second most common source for the loan is
friends.
Average, EU
ECONOMIC DEVELOPMENT
GDP per capita in euro
50,079
27,300
GDP percentage growth
Økonomisk
Inflation
udviklin
2.0
1.3
0
0.6
Unemployment rate
3.2
10.2
Source: OECD 2014
› Some 34 percent say that they are financially better off than the average
European. At the same time, almost as many (30 percent) say that they
are worried that their money will not suffice once they have paid their bills.
Among those between 18 and 24 fully 37 percent say that they worry.
› A lmost half of the people interviewed in Switzerland believe that they
have a chance to substantially improve their economic situation in life.
Among those under 24 the share rises to 64 percent. This is good,
especially since 29 percent of the same age group would describe their
economic situation as very good or pretty good.
Average payment
terms allowed to
customers
Average time for
actual payment days
days
Source: European Payment Report 2015
›O
f those interviewed, 56 percent associate divorce with causing financial trouble for Switzerland. At the same time, 30 percent of those in a
relationship say that their financial situation is a reason for not ending
their relationship.
26
33
PAYMENT BEHAVIOUR (consumer to business)
57 %
Proportion that
save money each
month
Average savings (median):
EUR
500
EU RO P EA N CO N S U M ER PAYM EN T R EP ORT 2015
51
Payment behaviour, specific types of bills
Can you tell us for each of the following types of bills weather you pay these within the specified period, after the specified period,
or whether it can vary according to circumstances at the time?
Respondents chose from a list and specify how invoices/bills were paid.
9
9
7
84
6
85
7
7
7
7
87
7
7
85
7
7
87
7
7
85
86
10
16
8
83
16
11
13
11
11
11
10
78
10
79
76
71
10
11
12
10
10
10
9
80
79
78
79
100 %
11
80
60
0,6
68
19
0,8
4
3
93
[ Within
specified
period
0,4
40
[ After
specified
period
0,2
20
0,0
[ It varies
Rent
payment
Television
costs
Gas, water,
electricity bills
Mortgage
payment
Internet/
broadband
costs
Fixed
telephone
costs
Payment of
credit card
bills
Insurances
Taxes
Paying off
loans
Doctor/
dentist/healthcare bills
Paying off
education
costs
Paying off
outstanding
debts
Web store/
e-commerce/
mail order bills
Child care
costs
Subscriptions
(newspaper,
magazines,
sport, etc)
[ Agree [ Neither agree nor disagree [ Disagree
52
[ No
[ Yes, one bill
11
73
[ Yes, 2-4 bills
[ Yes, 5 bills or
more
During the last
12 months, have
you at one or
several times not
paid a bill
on time? (%)
22
Traffic
fines
STATEMENTS, degree of agreement or disagreement, %
2
7
Mobile
telephone
costs
30
48
16
5
17
21
“In general
I don’t have
my financial
situation under
control”
18
2 10
10
“I’m scared
sometimes
to open the
mailbox to find
more bills”
“After having
paid my bills I
am worried that
the money that
is left will not
suffice”
3
8
87
10
69
24
“I believe it’s
important to
pay bills on
time”
30
67
23 44
89
26
[ Yes [ No [ I don’t know
Where did you borrow the money from?
4
“I think it is okay
to borrow money
in order to buy
consumer goods”
“Children should
learn more about
household economy in school”
“My financial
situation is a
factor for not
ending my
relationship”
% that agrees
27
13
“I try to
teach my
children how
to handle
money”
%
47
17
79
16
[ I don’t know
In the past 6 months, have
you borrowed money, apart
from mortgages, in order to
pay bills?
20
63
50
41
40
15
0
4
3
4
Pawn
Your
Boss/
SMS/online Family
shop
regular
work
credit
bank
A bank
Credit card Friends Money-lender/ Don’t
Usurer
know
other than
overdraft
your regular
bank
27
30
20
10
0
11
11
26
37
34
19
9
”I’m considering moving to another country
due to the financial
situation in my own
country”
[ 2013 [ 2014 [ 2015
“At the moment I do
not have enough
money for a dignified
existence”
“I am financially
better off than the
average European”
52
E UROPEAN CONSUM E R PAYME NT RE PORT 2015
UK
Key Findings
› A mong of the British, 46 percent believe that they have a reasonable
chance of substantially improving their economic lot in life. Among
the men, 50 percent believe this, compared to 42 percent of the women. Happily, among those who are between 18 and 24 years old, almost
three out of four believe the same thing.
› 1 7 percent think it is okay to borrow money in order to finance a vacation trip and fully 25 percent think it is okay to borrow money in order
to buy consumer goods, for example a new tv. And 19 percent of the
men have borrowed money in order to pay bills, compared to only 12
percent of the women doing the same thing.
›M
ore than three out of four want their children to learn more about
household economy at school. At the same time, almost four in five
of those who are parents try to teach their kids how to handle money.
Average, EU
ECONOMIC DEVELOPMENT
GDP per capita in euro
34,400
27,300
GDP percentage growth
Økonomisk
Inflation
udviklin
2.8
1.3
1.5
0.6
Unemployment rate
6.1
10.2
Source: Eurostat
15
15
PAYMENT BEHAVIOUR (consumer to business)
Average payment
terms allowed to
customers
Average time for
actual payment days
days
Source: European Payment Report 2015
53 %
Proportion that
save money each
month
Average savings (median):
GBP
200
EU RO P EA N CO N S U M ER PAYM EN T R EP ORT 2015
Payment behaviour, specific types of bills
Can you tell us for each of the following types of bills weather you pay these within the specified period, after the specified period,
or whether it can vary according to circumstances at the time?
Respondents chose from a list and specify how invoices/bills were paid.
11
7
86
82
82
5
8
87
6
7
87
6
8
86
12
6
7
87
7
81
12
8
8
10
84
78
16
12
12
19
13
16
75
19
18
72
66
23
19
63
17
14
23
11
100 %
11
16
75
80
0,8
6
12
73
60
0,6
6
8
60
58
[ Within
specified
period
0,4
40
[ After
specified
period
0,2
20
0,0
[ It varies
Rent
payment
Mortgage
payment
3
11
Television
costs
Gas, water,
electricity bills
Internet/
broadband
costs
Mobile
telephone
costs
Fixed
telephone
costs
Payment of
credit card
bills
Insurances
Taxes
Paying off
loans
Doctor/
dentist/healthcare bills
Paying off
education
costs
Paying off
outstanding
debts
Child care
costs
68
[ No
15
61
[ Yes, 2-4 bills
[ Yes, 5 bills or
more
43
3
83
18
19
16
“I’m scared
sometimes
to open the
mailbox to find
more bills”
“After having
paid my bills I
am worried that
the money that
is left will not
suffice”
2
18
79
“I believe it’s
important to
pay bills on
time”
5
77
25
43
16
52
32
83
32
[ Yes [ No [ I don’t know
Where did you borrow the money from?
“I try to
teach my
children how
to handle
money”
%
46
“I think it is okay
to borrow money
in order to buy
consumer goods”
“Children should
learn more about
household economy in school”
“My financial
situation is a
factor for not
ending my
relationship”
% that agrees
36
19
14
17
65
24
“In general
I don’t have
my financial
situation under
control”
1
32
24
[ I don’t know
In the past 6 months, have
you borrowed money, apart
from mortgages, in order to
pay bills?
13
Subscriptions
(newspaper,
magazines,
sport, etc)
[ Agree [ Neither agree nor disagree [ Disagree
During the last
12 months, have
you at one or
several times not
paid a bill
on time? (%)
14
Web store/
e-commerce/
mail order bills
STATEMENTS, degree of agreement or disagreement, %
1
[ Yes, one bill
16
Traffic
fines
24
25
23
7
20
14
1
5
Pawn
Your
Boss/
SMS/online Family
shop
regular
work
credit
bank
A bank
Credit card Friends Money-lender/ Don’t
Usurer
know
other than
overdraft
your regular
bank
15
10
21
19
15
10
20
18
21
10
5
0
”I’m considering moving to another country
due to the financial
situation in my own
country”
[ 2013 [ 2014 [ 2015
“At the moment I do
not have enough
money for a dignified
existence”
“I am financially
better off than the
average European”
53
54
E UROPEAN CONSUM E R PAYME NT RE PORT 2015
About Intrum Justitia
Intrum Justitia was founded in 1923 and today has some 4,000 employees in
20 countries. Furthermore, our global partner network, provides a platform
to service clients needs across an additional 160 markets. Intrum Justitia
is Europe’s leading credit management company with operations in credit
management and financial services that build on strong collection operations.
Credit Management Services
Intrum Justitia values
We understand people
Behind every transaction,
every company, every
invoice, every debt and
every ambition is a person.
By understanding people, Intrum
Justitia can contribute to profitable
business relationships, unhindered
trade and sound, long-term business
practices for everyone involved.
Intrum Justitia offers services throughout the credit management chain – from credit
optimization and payment services to collection services. Before our clients sell goods
or services, we help them evaluate potential customers’ payment capacity using our credit
optimization services. Once the transaction has been made, our payment services are used,
with billing and accounts receivable. Where invoices are past due, we offer our debt-collection
services to ensure that full payment is received for the product or service.
We are committed to challenge
Intrum Justitia deals with
situations that can impact
the future of a business
or an individual. Likewise,
our work can influence the
economy as a whole by
contributing to fair trade and
sound business practices.
Financial Services
Seeking insight to feed innovation
By understanding people,
being a market leader,
and having the necessary
expertise, Intrum Justitia
is creating new solutions
that benefit clients, their
customers and other stakeholders.
The key to this work is the use of the
unique information, knowledge and
experience the group has gained from
various aspects of sales, credit and
payment processes.
Through financing services, such as purchasing of invoices, payment guarantees, payment
solutions for e-commerce, and purchased debt, companies are paid regardless of why
payment was not originally received. Our clients can sell their outstanding receivables to us
and get some of the payment up front. Payment guarantees enable us to also guarantee
payment for our clients, even in cases where the invoice is past due. Alternatively, we
acquire a client’s overdue receivables for part of their value and proceed with longer-term
collection measures.
Customer
process
OUR credit
management
services
Our
financial
services
}
}
}
Sales &
Marketing
Payment
administration
Collection
Credit optimization services
Payment
services
Collection
services
Financing
services
Payment
guarantee
Purchased
debt
We make a difference
Many companies and
individuals need help managing their finances. Intrum
Justitia’s role is to develop
solutions that contribute to a
sound, stable economy and ultimately
benefit our clients and their customers
alike. In our work, we show respect for
individuals and businesses, which, for
whatever reason, face payment difficulties. Negotiation, realistic solutions
and settlements increase the chances
of obtaining payment.
EU RO P EA N CO N S U M ER PAYM EN T R EP ORT 2015
75,000
Helping clients with major volumes of consumer
receivables is our specialty – and what we are best
at altogether is helping clients in sectors such as
telecom, energy, bank and retail. We have nearly
75,000 clients in 20 countries.
Intrum Justitia is
present in 20
European countries
We contribute to a sustainable Europe
Sustainability involves three basic areas that are also interwoven with one another – the environment, society and the economy.
None of these can function sustainably without the other two. Intrum Justitia’s mission is to act as a catalyst for a sound
economy and our principal task in society is to ensure that credit flows function properly. This generates opportunities for
profitable business and increased employment which, in turn, provides the conditions for a vigorous society with the resources
to invest in the environment.
Success in two markets
The European market for credit management services is characterized by a large number of smaller, local actors. Conversely, in the
market for financial services, a small number of larger international companies operate. Intrum Justitia is one of few companies
in Europe that operate successfully in both of these markets.
55
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E UROPEAN CONSUM E R PAYME NT RE PORT 2015
About the survey
This study has been conducted by means of self-completion online research. Respondents completed the questionnaire on their computer, laptop, tablet or smartphone. A reminder was sent to
those who did not cooperate yet roughly one week after the first invitation. Per country at least
n=1000 respondents have participated resulting in n=22479 in total for all 21 countries. The
target group of this research was defined as persons (males and females) of 18 years and over who
were mainly or partly responsible for their personal or household financial administration. Per
country quotas were set on gender, age and region in order to achieve a national representative
sample for each country. The study has been conducted between 21st of August – 11th of September 2015.
The Intrum Justitia European Consumer Payment Report is based on external research done
by United Minds
About United Minds
United Minds is a consultancy specializing in helping clients achieving growth by developing
strategies for business and marketing, based on in-depth analysis of markets, industries and consumers. United Minds is a part of the Prime Group, a leading communication agency in Europe.
Based in Stockholm, Sweden, the group consists of more than 100 specialists in all aspects of
marketing, corporate communications, public affairs, digital media, business intelligence, planning and strategic counseling. The group is owned by Weber Shandwick.
Intrum Justitia data
As an addition to the collected survey data, United Minds has also done an analysis on customers
of Intrum Justitia’s clients. The anonymous data has been analyzed in order to calculate the average on a person in debt in countries where this analysis is applicable.
EU RO P EA N CO N S U M ER PAYM EN T R EP ORT 2015
Explanation of
economic indicators
The Eurostat data presented in the report refer to 2014. The unemployment rate is presented as the
annual average rate of 2015.
Gross domestic product (GDP)
Gross domestic product (GDP) is a measure for economic activity. It is defined as the value of
all goods and services produced less the value of any goods or services used in their creation.
GDP growth rate
GDP growth rate is presented as change in percentage on previous year. The calculation of the
annual growth rate of GDP volume allows comparisons of economic development both over
time and between economies of different sizes, irrespective of changes in price. Growth of GDP
volume is calculated using data at previous year’s prices.
Unemployment rate
Unemployment rate represents unemployed persons as a percentage of the labour force.
The labour force is the total number of people employed and unemployed.
Inflation rate
All information given represents the annual average rate of change in Harmonized Indices of
Consumer Prices (HCIP). The inflation rate is the rate of increase of the average price level.
Source: Eurostat
57
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E UROPEAN CONSUM E R PAYME NT RE PORT 2015
Legal Disclaimer
The material contained in this document has been prepared with the aim of providing key information and is for illustrative purposes only and is not meant to be legally binding. Intrum Justitia
has used its reasonable endeavours to ensure that the information is complete and ­accurate where
possible. However, you acknowledge and agree that Intrum Justitia accepts no liability whatsoever
in contract, tort or otherwise for any loss or damage caused by or arising directly or indirectly in
connection with any use or reliance on the contents of this document.
The country background information in this report was compiled using a variety of open
source material and should not be viewed as definitive.
Rights and Permissions
The material in this work is copyrighted. With the exception of fair use for journalistic or scientific purposes, no part of this report may be reprinted or reproduced in any form or by any means
without the prior written permission of Intrum Justitia. In all journalistic or scientific purposes
Intrum Justitia must be indicated as reference.
Intrum Justitia encourages dissemination of its work and will normally grant permission
promptly.
Contact:
Annika Billberg
Communications Director
Phone: +46 8 546 102 03
e-mail: [email protected]
This report can be downloaded as a pdf at http://www.intrum.com/ecpr2015/.
EU RO P EA N CO N S U M ER PAYM EN T R EP ORT 2015
Addresses
Intrum Justitia AB
Denmark
Germany
Netherlands
Slovakia
Hesselmans Torg 14,
105 24 Stockholm,
Sweden
Ph +46 8 546 10 200
Fax +46 8 546 10 211
www.intrum.com
Intrum Justitia A/S
Valby Torvegade 17, 2 sal
2500 Valby
Denmark
Ph +45 33 69 70 00
Fax +45 33 69 70 29
www.intrum.dk
Intrum Justitia GmbH
Pallaswiesenstr. 180–182
DE-64293 Darmstadt,
Germany
Ph +49 6151 816 0
Fax +49 6151 816 155
www.intrum.de
Estonia
Hungary
Intrum Justitia Slovakia
s.r.o.
P.O. Box 50
Karadzicova 8
SK-811 08 Bratislava
Slovakia
Ph +421 2 32 16 32 16
Fax +421 2 32 16 32 80
www.intrum.sk
Intrum Justitia AS
Rotermanni 8
EE-Tallinn 10111,
Estonia
Ph +372 6060 990
Fax +372 6060 991
www.intrum.ee
Intrum Justitia Kft
Pap Károly u. 4–6
HU-1139 Budapest,
Hungary
Ph +36 1 459 9400
Fax +36 1 459 9574
www.intrum.hu
Intrum Justitia Nederland
B.V.
P.O Box 84041, 2508 AA
Den Haag
Johan de Wittlaan 5
NL- 2517 JR Den Haag
Netherlands
Ph +31 70 452 70 00
Fax +31 70 452 88 88
www.intrum.nl
Norway
Finland
Ireland
Intrum Justitia Oy
PL 47
FI-00811 Helsinki
Finland
Ph +358 9 229 111
Fax +358 9 2291 1911
www.intrum.fi
Intrum Justitia Ireland Ltd
1st Floor, Block C
Ashtown Gate,
Navan Road
Dublin 15
Irland
Ph +353 1 869 22 22
Fax +353 1 869 22 44
www.intrum.ie
Intrum Justitia Ibérica
S.A.U.
Juan Esplandiú 11–13
PL 11
ES-28007 Madrid,
Spain
Ph +34 91 423 4600
Fax +34 902 876 692
www.intrum.es
Financial Services
Intrum Justitia Debt
Finance AG
Industriestrasse 13 c
CH-6300 Zug, Switzerland
Ph + 41 41 727 86 86
Fax +41 41 727 86 87
Austria
Intrum Justitia GmbH
Donau-City-Strasse 6,
AT-1220, Vienna,
Austria
Ph +43 1 260 88 800
Fax +43 260 88 990
www.intrum.at
Belgium
Intrum NV
Martelaarslaan 53
B-9000 Gent, Belgium
Ph +32 9 218 90 94
Fax +32 9 218 90 51
www.intrum.be
Czech Republic
Intrum Justitia s.r.o.
Prosecka 851/ 64
19000 Prague 9
Czech Republic
Ph +420 46 777 0310
Fax +420 283 880 902
www.intrum.cz
France
Intrum Justitia SAS
97 Allée Alexandre Borodine
CS-80008
FR-69795 Saint Priest
Cedex
France
Ph +33 4 7280 1414
Fax +33 4 7280 1415
www.intrum.fr
Italy
Intrum Justitia S.p.A.
Viale E. Jenner 53
IT-20159 Milan, Italy
Ph +39 02 288 701
Fax +39 02 288 70 411
www.intrum.it
Intrum Justitia AS
Box 6354 Etterstad
NO-0604 Oslo 6, Norway
Ph +47 23 17 10 00
Fax +47 23 17 10 20
www.intrum.no
Poland
Intrum Justitia Sp. z o.o.
Budynek Saturn, VIII piętro
Ul. Domaniewska 41
PL-02-672 Warszaw,
Poland
Ph +48 22 576 66 66
Fax +48 22 576 66 68
www.intrum.pl
Spain
Sweden
Intrum Justitia Sverige AB
105 24 Stockholm,
Sweden
Ph +46 8 616 77 00
Fax +46 8 640 94 02
www.intrum.se
Portugal
Switzerland
Intrum Justitia Portugal Lda
Alameda dos Oceanos
Edifício Espace
Lote 1.06.Q1.04
Piso 1, Bloco 2, A/B
Parque das Nações
1990-207 Lisboa
Portugal
Ph: +351 21 317 22 00
Fax:+351 21 317 22 09
www.intrum.pt
Intrum Justitia AG
Eschenstrasse 12
CH-8603 Schwerzenbach
Switzerland
Ph +41 44 806 5656
Fax +41 44 806 5660
www.intrum.ch
Intrum Justitia’s European Consumer Payment Report 2015 has been produced in cooperation with Passion:Reutersten AB. Design: J.Friman. Photography pages 1-11 Lena Larsson.
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